The Universal Music Group, led by OE Lucian Grainge, has won approval from the EU to acquire EMI Recording Ltd, bringing a number of artists into the music giant’s fold – including the Beatles.
As part of the deal, Universal will have to divest a number of other top artists including the likes of Coldplay, David Bowie and Blur. EMI Recording Ltd not only encompasses the EMI label, but also several other famous brands.
Asked in an interview with the UK website, This is Money, whether the deal was worth it, the answer from Universal CEO Lucian was brief and to the point: “You bet!” He added: “This deal has now been cleared in the three biggest music markets in the world – America, Japan and Germany. I am leading a business that now owns Capitol Music and the Abbey Road Studio as well as the EMI and Virgin labels.”
The Virgin back catalogue includes The Human League and the Spice Girls, with current artists Emeli Sande and Professor Green amongst others. With the acquisition of Capitol Records, Universal also becomes home to the recordings of Frank Sinatra, Nat King Cole and the Beach Boys.
Lucian, who was at the School in the 1970s, has acknowledged that savings of £100 million will need to be made, saying: “I can only grow this business by making savings and investing in the product – the artists and the music."