A headline like that will get any music fan’s attention. And while it’s a bit misleading it’s also quite true.
Now that Universal has regulatory blessing to swallow EMI, they have to follow through on some conditions imposed by various government organizations–and clauses contained within the contracts of some EMI artists.
Under the deal, Universal has to set free a number of big-name acts. Both Coldplay and Pink Floyd have contracts that trigger free agency in the event that EMI disappear. They’ve been “dropped” by contractual agreement. Or at least that’s my understanding of the issue.
Meanwhile, Universal has been ordered to sell off a number of EMI subsidiaries including Chrysalis and Parlophone. That means artists signed to these labels (Gorillaz, Depeche Mode, David Bowie, Duran Duran, Depeche Mode, Moby, David Guetta and many more) will have to wait to see where they land. I’m sure many of them also have interesting passages in their deals, too.
And the Beatles? Universal is keeping them. Are you nuts?
Meanwhile, enjoy this musical farewell to EMI from Beans on Toast. (NSFW lyrics, mind.)