EMI Ends Era With Sale Of Assets From MOTÖRHEAD To COLDPLAY
November 19, 2012, 3 years ago
According to Businessweek.com, EMI, the music company that housed THE BEATLES until it was split up and sold last year, goes on the auction block again this week as new owner Universal Music Group (VIV) divests some assets to meet antitrust requirements.
Parlophone, home to COLDPLAY, THE PET SHOP BOYS and TINA TURNER, accounts for about half of a package of labels with a valuation of about 400 million pounds ($635 million), according to a person familiar with the process who asked not to be identified because it is confidential.
A data room detailing the assets for sale, artist rosters and financial information will be opened this week for entities that have expressed interest, including Warner Music Group, BMG Rights and Sony Music Entertainment, the person said. Other assets being offered include the Sanctuary label, home to THE KINKS and MOTÖRHEAD, and the Mute label, which represents MOBY.
Read more at Businessweek.com.