Report: Virgin, Mute And Chrysalis, Plus Financing, Being Offered To IMPALA By UMG To Seal EMI Deal
July 25, 2012 at 3:53 AM (PT)
On MONDAY (NET NEWS 7/23), ALL ACCESS reported UNIVERSAL MUSIC GROUP reportedly plans to sell three music labels currently owned by EMI MUSIC to independent labels rather than other major labels, as part of getting regulatory approval for its purchase of EMI MUSIC.
Initially, indie labels were unified in their opposition to the deal, but the offer of VIRGIN, MUTE and CHRYSALIS seems to be changing their mind.
It's been a strange turn of events for the embattled sale of EMI MUSIC to UMG. Now, THE NEW YORK TIMES reports, "In a private memo on TUESDAY to the members of IMPALA, an international trade body for small labels, the group's executive chair, HELEN SMITH, said this had been 'one of the most trying weeks of IMPALA's life."
In addition to offering the independent labels first crack at these labels, THE TIMES notes UMG Chairman LUCIAN GRAINGE has "even offered $30 million in financing to help IMPALA's labels make the deals."
In a statement, a UNIVERSAL spokesman said, "We will continue to work closely with the independent music community so that, together, we can help ensure the future health of our industry. IMPALA's recent vote shows that there are senior members of that community who have embraced our messages of cooperation and transformation."