Thought some of you might be interested in this.
Take care,
mt
http://www.emigroup.com/news/pr166.html
EMI ACQUIRES MUTE
10th May 2002
LONDON, 10 MAY 2002 -- EMI Recorded Music has acquired Mute, one of Europes
leading independent record companies, extending an existing licensing
relationship that Mute has had with EMIs Virgin Records for over 15 years.
Founded in London in 1978 by Daniel Miller, Mute has consistently been at
the forefront of artist development with an artist roster that includes Moby
and Depeche Mode - whose last albums sold 8 million and 2 million each
respectively - Nick Cave & The Bad Seeds and Goldfrapp. The acquisition
includes Mutes catalogue and its operations in the UK, US and Germany.
Miller, executive chairman of Mute, will continue to be responsible for all
of the companys global activities.
Commenting on the agreement, Alain Levy, EMI Recorded Musics chairman and
CEO said: Its a great sign of confidence that Daniel Miller has decided to
associate his future with EMI. Daniel is one of the most respected finders
and nurturers of talent in the industry and were incredibly proud to be
strengthening the relationship.
The new agreement was initiated by EMI Recorded Musics chairman and CEO of
Continental Europe, Emmanuel de Buretel. He said: This deal is a natural
progression of our relationship with Mute. I believe in the independent
sector. It provides the business with an immense wealth of new talent.
Its a source of new musical trends and an integral part of the industrys
future.
EMI will pay £23 million for Mute, plus up to £19 million of potential
performance-related payments, over a period of four years.
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