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EMI Loses Rolling Stones To Universal |
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Friday, 18 January 2008 |
 It's not been the best of weeks for record label EMI... On Monday the music giant announced it was going to axe between 1,500 and 2,000 jobs worldwide - up to a third of its workforce - in a bid to save £200m ($391m) a year.
Next several big name artists, including Robbie Williams, threatened to withhold new albums until certain assurances were met from the label. Coldplay and the Verve are also rumoured to do likewise.
Now the latest blow to hit struggling EMI is that it's to lose long-term act the Rolling Stones to label rival Universal.
The band, whose five-year deal, worth an estimated £14m ($27.6m), expires in May have failed to re-sign with EMI and will release their forthcoming album 'Shine a Light' under a one-album agreement with Universal.
Earlier this year, Radiohead walked away from the label after seeing out their contract. They subsequently released their latest album themselves through their website, before signing a deal with independent label XL.
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