Report: QUEEN "Quits" EMI To Join Universal
May 10, 2010, 9 years ago
According to Timesonline.co.uk, UK rock legends QUEEN have quit the beleaguered music label EMI for its rival Universal.
Queen, who have been with the heavily indebted British label for almost 40 years, are believed to have been lured to Universal with a new contract worth tens of millions of pounds.
The band’s exit follows the departure of SIR PAUL MCCARTNEY, who took his solo and WINGS back catalogue to Concord Music this year.
There have been concerns that the financial turmoil at EMI, whose private equity owner Terra Firma is trying to raise at least £105 million to save the company from bankruptcy, could prompt an artist exodus. Music industry insiders have suggested that PINK FLOYD could also quit the label.
However, people familiar with the situation said yesterday that Queen had moved to Universal primarily for the money. “EMI just decided they couldn’t compete. It was too much to pay and they want to spend that money on developing new talent,” one music industry insider said.
Another person close to the deal said that Queen, whose Greatest Hits has sold 5.4 million copies, making it the UK’s highest-selling album, would not move to Universal immediately.
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