After decades of swimming through the sea swallowing smaller labels, EMI has now, definitively, been swallowed itself. BBC News reports:
UK music firm EMI has said it will sell its recorded music unit for £1.2bn ($1.9bn) to Universal Music.Universal buying EMI is a bit like a bloke with lung disease buying an organ from a heavy smoker with a bad cough, and should probably be viewed as a nice rationalisation to make it easier for whoever ends up buying Universal.
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.
Some artists, at least, welcome their new corporate overlords:
"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.This should not be seen as fawning over the new bosses in a desperate bid to keep in with them as there becomes less competition to sign clapped-out behemoths to record labels.
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.