Rolling Stones inks deal with Universal
The Rolling Stones, the world’s top-earning music act last year, signed up with Vivendi SA’s Universal Music Group, leaving EMI Group after more than 20 years on the label.
By Bloomberg |
PARIS: The Rolling Stones, the world���s top-earning music act last year, signed up with Vivendi SA���s Universal Music Group, leaving EMI Group after more than 20 years on the label. Mick Jagger and the Stones signed an ���exclusive, long-term, worldwide recording agreement,��� Universal Music said in an e-mailed statement on Friday. The deal also covers the group���s back catalogue, including albums such as ���Sticky Fingers.��� Financial terms weren���t given.
The Stones��� departure is a blow to Guy Hands, whose private equity firm acquired EMI in a ��4 billion ($6.3 billion) leveraged buyout last year. EMI failed to resign the UK band Radiohead last year and artists Robbie Williams and Coldplay this year expressed displeasure with changes Hands was making.
���For Universal, this is a great additional asset for them,��� said Mark Mulligan of JupiterResearch in London. ���It���s not just the world���s biggest record label. It���s very firmly at the centre of a very big corporate structure which gives the Stones a lot of security.��� EMI spokesman Richard O���Brien wasn���t immediately available
for comment.
The band already had ties with Universal Music, the world���s largest music company, which distributes the soundtrack for Martin Scorsese���s film ���Shine a Light���. The movie was shot during the band���s performance at the Beacon Theatre in New York in 2006, and includes archival footage. Universal also distributes the band���s catalogue from 1963 to 1970, the period in which the band recorded for Decca, a label now owned by Universal. In 1971, with the album ``Sticky Fingers,��� the Stones began recording for Atlantic Records. They subsequently moved to Virgin, which was acquired by EMI.
The deal covers ���Sticky Fingers��� as well as albums including ���Exile On Main St��� and ���Black And Blue���, Universal said. New recordings by the Rolling Stones will be released by Universal���s Polydor label. The Rolling Stones were the top-earning music act last year. The band made $88 million between June 2006 and June 2007, mostly from their Bigger Bang Tour. US rapper Jay-Z, an Universal Music artist, ranked second with total income of $83 million. ���There is no question that the Rolling Stones are one of the most important bands in music history,��� Universal Music chief executive Doug Morris said in the statement.
The Stones��� departure is a blow to Guy Hands, whose private equity firm acquired EMI in a ��4 billion ($6.3 billion) leveraged buyout last year. EMI failed to resign the UK band Radiohead last year and artists Robbie Williams and Coldplay this year expressed displeasure with changes Hands was making.
���For Universal, this is a great additional asset for them,��� said Mark Mulligan of JupiterResearch in London. ���It���s not just the world���s biggest record label. It���s very firmly at the centre of a very big corporate structure which gives the Stones a lot of security.��� EMI spokesman Richard O���Brien wasn���t immediately available
for comment.
The band already had ties with Universal Music, the world���s largest music company, which distributes the soundtrack for Martin Scorsese���s film ���Shine a Light���. The movie was shot during the band���s performance at the Beacon Theatre in New York in 2006, and includes archival footage. Universal also distributes the band���s catalogue from 1963 to 1970, the period in which the band recorded for Decca, a label now owned by Universal. In 1971, with the album ``Sticky Fingers,��� the Stones began recording for Atlantic Records. They subsequently moved to Virgin, which was acquired by EMI.
The deal covers ���Sticky Fingers��� as well as albums including ���Exile On Main St��� and ���Black And Blue���, Universal said. New recordings by the Rolling Stones will be released by Universal���s Polydor label. The Rolling Stones were the top-earning music act last year. The band made $88 million between June 2006 and June 2007, mostly from their Bigger Bang Tour. US rapper Jay-Z, an Universal Music artist, ranked second with total income of $83 million. ���There is no question that the Rolling Stones are one of the most important bands in music history,��� Universal Music chief executive Doug Morris said in the statement.
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