McCartney Leaving EMI For Concord
4/23/2010 9:47 AM ET
(RTTNews) – Paul McCartney is parting ways with record company EMI, ending a run of nearly five decades. The singer will reportedly transfer his rights for post-Beatles music to independent record company Concord Music.
“Since the release of Memory Almost Full in 2007 I’ve had a good working relationship with Concord and enjoyed our mutual love of music,” McCartney said in a statement.
The decision is another devastating blow to the British music label EMI, which has previously lost the Rolling Stones, Pink Floyd and Radiohead. Queen is also rumored to be heading elsewhere.
EMI was bought by private equity firm Terra Firma for £4.2 billion in May 2007. Seven months later, the company cut 3,000 jobs and also lost £1.8 billion in 2009.
McCartney had been working with EMI since 1962 when the Beatles signed with EMI’s Parlophone subsidiary.