EMI Sale Leaves Coldplay, Depeche Mode, Gorillaz + More Without Label
Coldplay, Depeche Mode and Gorillaz are among the bands that could be without a record label soon after regulators in Europe and North America have approved the sale of struggling British record label EMI to Universal Music Group for $1.9 billion. On Friday, the European Commission approved the deal under the condition that Universal liquidate a third of EMI’s assets, including the Parlophone, Chrysalis and Mute offshoots.
Those three labels are home to some of EMI's biggest acts, including Coldplay, Gorillaz, David Bowie and Duran Duran (Parlophone); Depeche Mode and Moby (Chrysalis) and the Ramones (Mute). The rights to the bands on these labels must be sold off by EMI in a process that can take six to nine months, and must be sold to buyers with “a proven track record in the music industry.” Qualifying buyers include Warner, Sony and BMG Rights Management.
“It’s a historic day for UMG, and a historic day for EMI,” Universal chairman said in an interview with the New York Times. “Inevitably I’m disappointed that we were not able to retain Parlophone. However, I can only remain focused on the opportunity and the achievement.”