EMI sells music unit to Universal for £1.2bn
Source: www.bbc.co.uk/news/business-15697973
UK music firm EMI has said it will sell its recorded music unit for £1.2bn ($1.9bn) to Universal Music.
Reports have suggested that the other half of EMI’s business – the lucrative music publishing unit – will go to a Sony-led consortium for more than $2bn.
EMI, with a history dating back to 1897, is home to artists including Coldplay, the Beatles and Pink Floyd.
Born in Brooklyn, Iovine began his career as a recording engineer in the mid-1970s, working with Raspberries, John Lennon and Bruce Springsteen. He went on to produce albums for U2 (Rattle & Hum), Tom Petty & The Heartbreakers, Stevie Nicks, Simple Minds, Dire Straits, Flame (featuring Marge Raymond, Jimmy Crespo, Bob Leone, and others), and Patti Smith. Iovine established Interscope Records in 1991 with the release of Gerardo's Mo' Ritmo. It went on to become Interscope-Geffen-A&M following Universal's acquisition of PolyGram when Iovine was named co-chairman; in 2001, he became chairman. He is credited with having given Eminem's demo tape to Dr. Dre, who signed him to his Aftermath label. In 2002, Iovine co-produced the hit Eminem movie 8 Mile and in 2004, he and Paul Rosenberg signed a first look deal with Paramount Pictures and MTV Films for their Interscope/Shady/Aftermath banner. Iovine co-produced the first film under the deal, Get Rich or Die Tryin', starring 50 Cent. In 2003, he was co-executive producer of Enrique Iglesias's album Seven. In January 2008, Iovine, Dr. Dre and Monster Cable released Beats by Dr. Dre high-performance headphones. Iovine is also an executive producer with LeBron James and Maverick Carter of the documentary More Than A Game, which was released in the fall of 2009. Lady Gaga has thanked him several times during her acceptance speeches, as he was the one to sign her to Streamline/Interscope shortly after her 2007 performance at Lollapalooza. Eminem also has mentioned him several times during his acceptance speeches. Bruce Springsteen's song Ain't Good Enough For You referenced Iovine: "And babe I tried to make the latest scene, Hip and cool, just like Jimmy Iovine." -Wikipedia
Citigroup seized ownership of EMI in February after previous owner Terra Firma failed a solvency test.
“I particularly welcome the fact that EMI will once again be owned by people who really do have music in their blood,” said Rolling Stones singer Sir Mick Jagger.
The manager of Coldplay also welcomed Universal.
“They have assembled the most talented group of executives in the industry today and their success speaks for itself,” Dave Holmes said.
Universal Music is a unit of Vivendi, the French media company.
Troubled history
EMI’s labels include Blue Note, Capitol, Parlophone and Virgin Records.
Labels included under the Universal umbrella are Def Jam, Motown, Decca, Island Records, Interscope Records and Polydor Records.
“For me, as an Englishman, EMI was the pre-eminent music company that I grew up with,” said Universal Music chairman and chief executive Lucian Grainge. “Its artists and their music provided the soundtrack to my teenage years.”
He added: “Universal Music Group is committed to both preserving EMI’s cultural heritage and artistic diversity and also investing in its artists and people to grow the company’s assets for the future.”
In June, EMI said it would launch a strategic review into the future of the business, which it said could result in a sale, share flotation, or a restructuring of its finances.
Private equity firm Terra Firma, led by Guy Hands, bought EMI for £4.2bn in 2007 just before the credit crunch sent the global financial markets into turmoil.
It subsequently admitted that it had overpaid for EMI, and struggled to meet payments on the £2.6bn it had borrowed from Citigroup to fund the deal.
Last year, Terra Firma took Citigroup to court in the US, accusing the bank of tricking it into paying an inflated price for EMI. It lost the case, with a jury ruling in favour of Citigroup.
December 4, 2011 at 3:07 AM |
In response to Sis. Dee, since seeing and hearing all the ways that these mainstream so called gospel artist compromise themselves for a record lable that doesn’t even care about them and only want to exploit them, I am so glad that my husband has not fallen prey to these munipulating labels and has stayed true to producing the music that God has given him. I continue to encourage him daily to continue making the music that God has given him and to not get discouraged because ultimately it is God who gets the glory NOT man and it should always be this way when using your gift for Jesus and not for one’s own gain. You can show your support to a true Christian artist who will never compomise himself or what God has given him for this world, by checking him out on youtube. Put in Bless Me by HGA. I know you will be truly blessed and refreshed by what you hear. Hopefully Pastor G Craig Lewis can do a piece on him one day because we could use all the support we can get from our sisters and brothers in Christ.
November 19, 2011 at 1:47 AM |
While many (in the household of Faith) are being mesmorized by the melodies and the personalities behind the music. . . have we stopped to consider what GOD has planned for our lives on a daily basis? The music industry is counting on our desire to be entertained so just how much of our money will we feed this monster that is obviously spinning out of control? We spend soooo much time and energy trying to figure out how to entertain ourselves that we can sometimes lose sight of the fact that we were bought with a price and no longer belong to ourselves. With something so influential as music should we not ask the Lord what is appropriate? Let me tell you that I am not musically inclined but when I was truly delivered from some things GOD put some real songs of praise in my heart and mind and I would make a joyful noise unto the Lord that was no doubt from a pure and humble place in me that I cannot explain. . . almost like GOD created some beautiful sound in me that came from a place of brokeness yet gratitude to HIM for loving me so. Believe me these artist have a great deal of pressure on them to produce a sound that sells. Once they sign on with the world then the world dictates the standard or the money will stop. We must pray for them to come out of darkness b/c these corporations have the money to manipulate and have a master plan to use these deceived artists as pied pipers to lead more of GOD’s people astray. Flesh is not lord but JESUS is Lord and we need to feed the Spirit of GOD in us so we can be prepared to fight the good fight of faith when the time comes and keep our hard-earned money in our pocket and be a blessing to others while building up GOD’s kingdom.
November 18, 2011 at 9:12 PM |
One of my desires for this website is to see a story where a “mainstream gospel artist” says, ” No, I will not compromise the gospel. No, I will not sing “inclusionist” songs. No, I will not lay down with dogs to get my CD produced!” Can we get a story like that? Is there one out there? I’m so tired of reading how many of the gospel artists are compromising their integrity just to get a song out. Will someone please no?
November 17, 2011 at 3:08 PM |
G. Craige is like a modern day John the Baptist. Love it!
November 16, 2011 at 4:30 PM |
What does Jimmy Iovine have to do with EMI Gospel? According to this article, Universal Music is buying EMI Recorded Music. That has nothing directly to do with EMI Gospel, a label of Christian artists, staffed and run by committed Christians.
REPLY: It actually it has everything to do with it. In essence the devil is now controlling about 95 percent of the gospel music. This means that the gospel artist that are signed to these labels MUST conform.
November 16, 2011 at 1:48 PM |
II think “G Craig Lewis” said it better (Truth Behind Hip Hop DVD 3) on how
to solve the compromise/ungodly standards in Gospel Music, Every church
should record/distribute their own songs (Notice he said songs not artist!!!) and they would be no
“Gospel Music Industry” to create superstars as we know today.
“The song to the Lord” should be promoted and not the vocal-cord that sings it!!!
The issue with all theses gospel artist is not that they cannot
“set-up” their own label or record companies or have they own studios.
The issue with them (Gospel Artist) is Distribution/Marketing and being know on a wide-stage.
Its a Spirt of the World they are being seduced by, but if the truth be told as Jesus
said They enemy comes and finds nothing in me”, i guess when they world came knocking
at the door of these “Gospel Artist” they found some worldliness in them!!!
If you offered these “Babylon Gospel Music Artist” a $10 Million dollar records deal
to records true worship and it was attached to them living a godly life-style
and their would have to shun all these ungodly platform like BET, MTV etc
they still will not accept the offer because it a spirit of Lust,Possession & Pride that
they are being controlled by. So sad!!!
What i have learned from the Truth Behind Hip Hop series is that this is spiritual and
what has happened in the church today is that the “Holy Spirt”/”Spirit of God”/ has been
kicked out of too many churches and the spirit of the world has be ushered in.
Gospel Labels and record companies do not need to be aligned under Secular companies
As a proverb goes “If the fish is rotten, it starts from the head”. How can your parent
company be an ungodly record corporation and you expect not to be infected by the virus
of moral corruption. Light must always be at the top and not the bottom.
November 17, 2011 at 4:55 AM |
This really blessed me. I praise God for this comment!
March 14, 2012 at 1:11 PM |
Quit your job today! Cause the world signs off on your paycheck!
November 16, 2011 at 1:45 PM |
These gospel artists are already singing about another Jesus from another Gospel. They already belong to the world….and the world can have them.
November 16, 2011 at 12:43 PM |
I guess us real people of God are going to have to start are own Gospel label to keep the world’s hands off of it. The world is corrupting everything, SMH! What’s next? Seagram’s sponsoring preachers!
God Help!!!
November 16, 2011 at 10:36 AM |
The pieces of the NWO (New World Order) puzzle are strategically moving into place right before our eyes. Will so-called gospel recording artist continue to partner with the world for a quick buck and personal fame??? Or will they come out from among them and be ye separate??? Mr. G. Craige Lewis has forewarned time and time again that the distinction between the true followers/believers of JESUS Christ and so-called Christians would be before us quickly and that day is here. We must get our households in order and choose this day whom we will serve. Soon our American dollar will crash and things will no longer be the same as we know it and we will be forced to make a decision. Our hearts and minds must be fixed on JESUS now because it will affect all of us and not just the recording artist. Continue blowing the trumpet EX-Ministries as some of us are taking heed. Thank you for being a modern day John the Baptist!
November 16, 2011 at 3:21 PM |
Helivesnme,
Re: “New World Order”, I’m there with you as it’s truly amazing to see just how quickly the “Book of Revelation” is being fulfilled right before our very eyes. satan will use any device to lure those who ‘say’ they know and love the Lord away from truly serving Him, by any means necessary and it’s quite sad that we can’t realize this.
As the scripture says, “For what is a man profited, if he shall gain the whole world, and lose his own soul? or what shall a man give in exchange for his soul”? You get your money, your fame, but where does that leave God/Jesus in the process?? Come quickly Lord Jesus we really need you NOW.
November 16, 2011 at 7:50 AM |
They’re not Souled out to the God…they’re sold out to satan!?!
November 16, 2011 at 3:54 AM |
Its sad when a brand is more important than God’s word.
November 16, 2011 at 12:27 AM |
This in my opinion only, is not a result of deception. Why continue to go along with defending Gospel recording labels and artists being signed and sold over to a secular business? What kind of explaination is there? can someone please post one because I don’t see it. How is the Gospel industry being taken over by a secular and a very wealthy recording label going to advance the Kingdom? Wow we just don’t get it. Satan wants his place back. .But yet a lot of us will continue to defend it. Do ya’ll know of any secular “handler” who is going to allow or help to advance the Kingdom? as a reward for going into business with them? Where’s the “picture?” I mean wheres the scripture? If anything I will use this news as another opportunity to examine my own self because I just don’t beleive that we can always claim we did not know. I just don’t beleive that. I had to repent for entering in deception years ago, and I thank God for leading me to it through the Holy Spirit.We are STILL held accountable for what we know. If anything else I will keep in mind that the word of God said when the serpent came to the garden, Adam was not deceived.
November 16, 2011 at 3:32 PM |
dbm,
What you’re saying is the truth, but perhaps those who are signing with the secular labels feel they have NO other alternative I guess, or think maybe this would be their way to help promote the Gospel to those who need it, but these days too many of these Christian artists can sometimes get caught up in ALL things secular in the process.
I’ve heard a few Christian artists say things like: “the Christian labels don’t pay us enough money or promote us as good as the secular ones do” or “I really needed the money and figured I could do this for a short period of time, then sing the kind of music I really love”, etc., but it ends up turning out to be NOTHING like they thought it would. Sorry to say NOTHING surprises me any more, Bible prophecy being fulfilled so rapidly it makes your head spin, God help and have mercy on us.
It’s past time to either “get right with God/Jesus and mean it, by going all the way” or go serve the devil and follow him instead. We most definitely CAN NOT serve two masters.
November 17, 2011 at 2:12 PM |
I believe that if God called you to record/write music, then I believe that God will instruct you on how to get your CD out.
With the advancement of technology, there is no need to sign with a secular label. You can release your own project independently and avoid having to compromise.
The real question/dilemma for many is that they see this as an opportunity to: make money, become famous and/or dare I say, “not work a secular job”, so they feel that the only way this can happen is by signing with a major label.
But again, artists must accept the fact, that if you’re going to stand for Holiness then that’s going to require a sacrifice. As an artist – “are you ok if you’re project doesn’t sell a lot?” “What if it doesn’t go “gold” – what if it only goes “plastic”? Will you still do the work that God told you to do?
“Will you still stand for Holiness?” “Will you still stand not compromise?”
So I guess what I’m saying, is “yes there are alternatives” to signing with a record label. If God called you, He will tell you how to go about doing that. But you have to be patient, trust God and realize that “your dream of ministering full time and not having to work a 9-5″ may be your plan but not God’s.
Be Blessed!
Anthony
November 21, 2011 at 5:37 PM |
So true Anthony. These gospel artists know what they are getting into when they sign the contracts. I totally agree that if you are sincere in singing about the Gospel, you have to realize that sacrifices must be made. But, as the Word says, obedience is better than sacrifice, so if these gospel artists were more obedient to the Will of God, then going about things the right way wouldn’t seem like such a sacrifice. I know a brother near where I live who released a CD on his own, and distributes it in the area to various churches and online. He said that he did not want to compromise his faith by signing with a major record company, and has had many opportunities in the past to do so. I really admire his faith because he could have signed with one of these wicked record companies, but instead he trusted God that he would provide and that he can do things God’s way, not Satan’s way. As the Word says, “there is a way that seems right to man,” but we all know where that leads to and these gospel artists are only fooling themselves into thinking that they are doing it God’s way, but they OBVIOUSLY are not!!
November 15, 2011 at 9:32 PM |
I went to the EMI Gospel website just to see what artists belong to this label. Forever Jones, Clark Sisters, Vashawn Mitchell, Smokie Norful, just to name a few, Wow, are there ANY gospel artists you can listen to and support any more?
November 16, 2011 at 12:21 AM |
Can’t forget Kierra Sheard who came out with her new CD almost a month ago….
November 16, 2011 at 4:09 AM |
nope, just stick to hyms by unknown artist or better yet instrumental
November 16, 2011 at 7:16 PM |
Perhaps that’s the answer, Love the hymns, but some of that older music is just not my preference though. Hmmm, I don’t know but I won’t be buying anything from those artists anymore, that’s for sure.
November 16, 2011 at 12:37 PM |
I would love an answer to this as well.
November 16, 2011 at 10:26 PM |
Yes, David Adesokan ! This Brother doesn’t compromise and really loves God !
November 20, 2011 at 11:43 PM |
Not one of these folks bios mention Jesus. But is full of their accomplishment. Most of the guys look femme. Kiki don’t look like she thinking about the Lord but Tyrese. They arent going to stop those checks, no telling what’s coming next
November 15, 2011 at 8:34 PM |
Business as usual … That’s all gospel music is … a business