11th
EMI sells music unit to Universal for £1.2 billion
EMI has announced that it will sell its recorded music unit for £1.2 billion to Universal Music.
EMI’s artists include Coldplay, The Beatles and Pink Floyd. Citigroup took ownership of EMI in February after previous owner Terra Firma failed a solvency test.
Crusty old R’n’B singer Mick Jagger said: ‘ I particularly welcome the fact that EMI will once again be owned by people who really do have music in their blood.’
David Holmes, manager of Coldplay also welcomed the sale to Universal. ‘They have assembled the most talented group of executives in the industry today and their success speaks for itself.’
Universal Music is itself a property of Vivendi, a French media company.
EMI’s labels include Blue Note, Capitol, Parlophone and Virgin Records.
Labels owned by Universal include Def Jam, Motown, Decca, Island Records, Interscope Records and Polydor Records.
So, basically the old, dying music industry is following the rest of capitalism into a world where everything will eventually be owned by one huge, unscrupulous, cabal that sells (and resells) you what it wants rather than what you want.
Get your music from netlabels instead. You know it makes sense.
