LondonNet News Headlines
|Time Warner Swallows EMI
- Web future for publishing giant
THE UNITED KINGDOM's last remaining major record company, EMI, is set to merge with Time Warner in a 12 billion UKP deal.
EMI will be absorbed by the US publishing giant in a bid to gain the commanding heights of the new music revolution on the internet. Time Warner have only recently announced plans for a merger with net giant America Online (AOL).
The combined portfolio of the two recording giants includes The Beatles, The Spice Girls, Robbie Williams and The Rolling Stones (EMI) and Madonna, Eric Clapton, Cher and REM (Time Warner). These along with other artists represent a strong archive for marketing in new formats directly over the web.
"The transaction represents an opportunity to establish the world's premier music group and create very considerable value for shareholders of both companies" said an EMI statement issued last night.