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McCartney Abandons EMI

Already reeling from reports of massive debt, EMI suffered another blow when Paul McCartney announced plans to transfer the publishing rights to his solo and Wings projects to Concord Music Group Terra Firma, the private equity firm that bought the prestigious EMI label three years ago for close to $7 billion, reportedly lost close to $3 billion last year.  Early in 2010, rumors surfaced that the label was considering the sale of Abbey Road Studios to raise cash - something the label denied.  (story) More recently, EMI came out on the losing end of a suit  filed against it by Pink Floyd.  The legendary album band prevailed in a case claiming the digital sale of individual tracks from from Pink Floyd albums was a violation of the group's contract. (story)  In contrast, the outlook for Concord has never been better.  In addition to the boost it gets by obtaining the McCartney re-release and publishing rights, the Concord Music Group, created when jazz label Concord and Fantasy Records combined in 2004, also recently acquired Rounder Records, the highly regarded Americana, Roots and Acoustic label.

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