Stones Following Madonna To Live Nation?
June 16, 2008 at 5:13 AM (PT)
THE ROLLING STONES are on the verge of ending their 31-year relationship with EMI, dealing a blow to private equity owner TERRA FIRMA, which acquired the label in a £3.2bn deal last summer, reports U.K.'s THE OBSERVER.
Sources say the group is close to clinching a deal with LIVE NATION, the world's largest concert promotion firm, which would market its back catalogue, depriving EMI of around £3m a year. LIVE NATION, which last year poached MADONNA from WARNER, would also take highly profitable merchandising and touring rights for future STONES shows, some of which have grossed as much as £750m.
Details of the new deal could be announced this week. It is understood that UNIVERSAL will have a role, with LIVE Nation licensing new versions of the catalogue to the label, which would sell them online and as CDs.