EMI ACQUIRES MUTE
LONDON, 10 MAY 2002 -- EMI Recorded Music has acquired Mute, one of Europe's
leading independent record companies, extending an existing licensing
relationship that Mute has had with EMI's Virgin Records for over 15 years.
Founded in London in 1978 by Daniel Miller, Mute has consistently been at the
forefront of artist development with an artist roster that includes Moby and
Depeche Mode - whose last albums sold 8 million and 2 million each respectively
- Nick Cave & The Bad Seeds and Goldfrapp. The acquisition includes Mute's
catalogue and its operations in the UK, US and Germany.
Miller, executive chairman of Mute, will continue to be responsible for all of
the company's global activities.
Commenting on the agreement, Alain Levy, EMI Recorded Music's chairman and CEO
said: "It's a great sign of confidence that Daniel Miller has decided to
associate his future with EMI. Daniel is one of the most respected finders and
nurturers of talent in the industry and we're incredibly proud to be
strengthening the relationship."
The new agreement was initiated by EMI Recorded Music's chairman and CEO of
Continental Europe, Emmanuel de Buretel. He said: "This deal is a natural
progression of our relationship with Mute. I believe in the independent sector.
It provides the business with an immense wealth of new talent. It's a source of
new musical trends and an integral part of the industry's future."
EMI will pay £23 million for Mute, plus up to £19 million of potential
performance-related payments, over a period of four years.
For further information contact:
EMI Group plc:
Amanda Conroy SVP, Corporate Communications 020 7667 3216
Siobhan Turner Director, Investor Relations 020 7667 3234
Brunswick Group Limited:
Patrick Handley 020 7404 5959