A contestant on the upcoming series of The Bachelorette has died in a tragic paragliding accident!

Katy Perry destroyed a 5-year-old kid's birthday party to film scenes for her new music video!

Coldplay, Pink Floyd to be dropped by EMI

2012-09-25 17:48
 
Coldplay
Los Angeles - Coldplay, Pink Floyd and Kylie Minogue are to be dropped by their label.

Troubled British record company EMI is undergoing a £1.2bn takeover by Universal Music Group, and the European Commission ruled on Monday it can go ahead on condition it sells off most of its smaller record labels.

Acts who will now find themselves without a parent label include David Guetta, Tinie Tempah, Gorillaz, Cliff Richard, David Bowie, Tina Turner and Duran Duran, who are all signed to Parlophone.

Chrysalis - home to Depeche Mode and Moby - will also have to go, as will Mute, home to the Ramones and Jethro Tull.

One act EMI will be keep are The Beatles, a hugely lucrative band, who still sell millions of albums even though they split in 1970.

'It is a historic moment'

Universal - a French owned company, home to Lady Gaga, Jay-Z, Nirvana, U2 and Take That - claims the sell-off will amount to only 30% of EMI's global revenues.

Universal's chief executive Lucian Grainge told the Financial Times: "If you're asking, 'Would I do it again, was it worth it?' 100% we would do it all over again. It is a historic moment."

Alongside the musical assets the deal will also include EMI's properties, including the iconic Abbey Road Studios and the Capitol Tower in Los Angeles.

While Universal will take over EMI's recorded music division, its music publishing arm has already been sold to rival Sony, for £1.4bn.

EMI artists who face their contracts being sold will be looked after by a Hold Separate Manager, an executive who will guide their careers until their future is decided.

- BangShowBiz

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
1 comment
Add your comment
Comment 0 characters remaining
 

Recent News

Avril Lavigne has defended her new music video for the track Hello Kitty claiming it is not racist after it was slammed by critics. Read More »

International artists Jessie J, Jason Derulo and Fall Out Boy have been announced as three of the headliners for the iHeart Joburg Music Festival in September. Read More »

inside channel 24

There are new stories on the homepage. Click here to see them.