THE world’s biggest record company has vowed to revive EMI after buying the
label behind Coldplay for £1.2BILLION.
EMI’s recorded music division was snapped up by long-term rival UNIVERSAL
ending a dire five years for one of the best known names in the
business.
French-owned Universal immediately pledged to spend more on EMI’s artists,
which also include Katy Perry and Tinie Tempah.
Bosses said they would retain the historic Abbey Road studios.
The deal was immediately welcomed by Rolling Stones frontman Sir Mick Jagger
and Coldplay’s manager Dave Holmes.
Sir Mick said: “I particularly welcome the fact that EMI will once again be
owned by people who really do have music in their blood.”
Dave Holmes said: “I look forward to working with the Universal team.
“They have assembled the most talented group of executives in the industry
today and their success speaks for itself.
“This can only be a positive for the artists and executives at EMI.”
EMI was put up for sale by American banking giant CITIGROUP in June
after teetering on the brink of collapse.
The publishing arm of the company was expected to be bought by SONY for
£1.4billion tonight.
EMI has suffered a nightmare credit crisis after being snapped up by tycoon
Guy Hands in 2007. He borrowed a small fortune to fund the deal.
The Rolling Stones and Sir Paul McCartney quit the label, with the Stones
switching to Universal.
Citigroup took control earlier this year when EMI wallowed in £3billion of
debt.
Universal chief exec Lucian Grainge said: “This is an historic acqusition for
UMG and an important step in preserving the legacy of EMI Music.
“For me, as an Englishman, EMI was the pre-eminent music company that I grew
up with. Its artists and their music provided the soundtrack to my teenage
years.”