Ending one of the longest-running commercial deals in music history, Sir Paul McCartney has terminated his contract with EMI.The musician has been with the UK-based label since the 1960s, with EMI releasing both the Beatles' and Sir Paul's solo work.Sir P
Ending one of the longest-running commercial deals in music history, Sir Paul McCartney has terminated his contract with EMI.
The musician has been with the UK-based label since the 1960s, with EMI releasing both the Beatles’ and Sir Paul’s solo work.
Sir Paul is believed to have been unhappy with Terra Firma, the troubled private equity company that borrowed billions to buy EMI – and which recently breached the covenants of its teetering $US4.1 billion loan deal with Citibank.
The ex-Beatle is the latest in a stream of high-profile artists to desert the label.
He has signed with Concord Music Group, a California-based independent label, reports The Wall Street Journal, which broke the story.
Crucially, Sir Paul has regained the rights to his 50 post-Beatles albums, which he has also taken to Concord.
While Sir Paul's solo sales have been mixed, four decades after their split, The Beatles remain one of the world's most popular band, selling more albums than any other artist in the US last year bar Michael Jackson and Taylor Swift, according to Soundscan figures.
MORE:
The Wall Street Journal (paid): EMI Loses McCartney Catalog, in Latest Blow
The New York Times: McCartney Says Goodbye to E.M.I., Hello to Concord
