Coldplay - Coldplay, Pink Floyd and Kylie Minogue to be dropped

Coldplay, Pink Floyd and Kylie Minogue are to be dropped by their label.

Troubled British record company EMI is undergoing a £1.2  billion takeover by Universal Music Group, and the European Commission ruled today (24.09.12) 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.

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 per cent 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 per cent 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 £1.4 billion.

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.


Contactmusic

Tags: Coldplay - Pink Floyd - Kylie Minogue - David Guetta - Tinie Tempah - Gorillaz - Cliff Richard - David Bowie - Tina Turner - Duran Duran - Depeche Mode - Moby - Lady GaGa - Jay Z - Nirvana - U2 - Take That

Advertisement

More Coldplay

There's Hope For Us Yet! Pink Floyd Likely To Beat One Direction

It's frustrating for any musical connoisseur that carefully manipulated pop reigns highest on most music charts, but it looks like psychedelic legends Pink Floyd could...

Taylor Swift Joins 'The Voice' As Guest Advisor

Taylor Swift is joining The Voice as a guest advisor on the NBC show's seventh season.Taylor Swift at the iHeartRadio Music Festival in September.Read More:...

Jennifer Lawrence & Chris Martin Appear "Like A Couple In Love" At Kings Of Leon Concert

Jennifer Lawrence was there to support her new boyfriend, Coldplay front man Chris Martin, as he made a guest appearance at the Kings of Leon...

Jennifer Lawrence To Join Chris Martin On Coldplay Tour?

All the hot gossip over the last few weeks has had it that Coldplay frontman Chris Martin is romantically involved with actress Jennifer Lawrence. More...

Advertisement

NFL Asks Super Bowl Half Time Acts To 'Pay To Play'

The National Football League has taken the unprecedented step of asking potential performers at the Super Bowl Half Time show to ‘pay to play’. Traditionally,...

If Music Was Chris Martin’s Saviour, Coldplay Turned Royal Albert Hall Into A House Of Worship

Chris Martin is a man saved; by music, that is. The Coldplay musician has endured a tough year plastered over the tabloids with his recently...

Mariah Carey Fails To Land Billboard No.1 as Coldplay Reigns Supreme

Mariah Carey was beaten to the Billboard 200 top spot this week after her record "Me: I Am Mariah. The Elusive Chanteuse' entered at No.3...

Sam Smith's Debut Is 2014's Speediest Seller With No.1 Triumph

Sam Smith must feel on top of the world after his album, In The Lonely Hour, not only struck number one in the UK charts...

Advertisement

Comments

Coldplay Newsletter

Subscribe to this news alert service to receive news and reviews on Coldplay

Unsubscribe | Unsubscribe All