Kylie Minogue And Coldplay Among Musicians Dropped From EMI In 1.2bn Takeover Deal
WennIn a huge shake up, EMI has been forced to drop some of its biggest stars including Coldplay, Pink Floyd, Kylie Minogue and Lily Allen in Universal Music's takeover deal.
The European Commission has approved Universal Music's takeover of EMI music but only on the condition that Universal agreed to offload dozens of artists.
In the 1.2 billion takeover Universal will sell EMI's Parlophone, which is home to Lily Allen, Blur and Pink Floyd under the conditions.
Kylie Minogue And Coldplay Among Musicians Dropped From EMI In 1.2bn Takeover Deal
Coldplay are one of EMI's biggest acts (Wenn)
Among others who must leave are David Guetta, Tinie Tempah, Gorillaz, Cliff Richard, David Bowie, Tina Turner and Duran Duran, who are all signed to Parlophone.
Other key EMI labels that will have to be sold include Mute, home to the Ramones and Jethro Tull, and Chrysalis.
Kylie Minogue And Coldplay Among Musicians Dropp! ed From EMI In 1.2bn Takeover Deal
Tinie Tempah live (Wenn)
These precautions are being taken in order to minimise income for Universal music and ensure that it doesn't become too powerful within the music industy.
EMI will still own The Beatles catalogue and will keep many other stars including Robbie Williams.
We are delighted Universal Music will retain over two thirds of EMI on a global basis, said a spokesman. The acquisition will benefit the artistic community and music industry.
Coldplay Live
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