Forums > Queen - General Discussion > Queen quits and EMI won’t stop them now

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mickyparise user not visiting Queenzone.com
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Posted: 07 May 10, 22:51 Edit this post Reply to this post Reply with Quote

They once wanted to break free — and now they have: the veteran rock band Queen have quit the beleaguered music label EMI for its rival Universal.

Queen, who have been with the heavily indebted British label for almost 40 years, are believed to have been lured to Universal with a new contract worth tens of millions of pounds.

The band’s exit follows the departure of Sir Paul McCartney, who took his solo and Wings back catalogue to Concord Music this year.

There have been concerns that the financial turmoil at EMI, whose private equity owner Terra Firma is trying to raise at least £105 million to save the company from bankruptcy, could prompt an artist exodus. Music industry insiders have suggested that Pink Floyd could also quit the label.

However, people familiar with the situation said yesterday that Queen had moved to Universal primarily for the money. “EMI just decided they couldn’t compete. It was too much to pay and they want to spend that money on developing new talent,” one music industry insider said.

Another person close to the deal said that Queen, whose Greatest Hits has sold 5.4 million copies, making it the UK’s highest-selling album, would not move to Universal immediately. The band, whose former lead singer Freddie Mercury died in 1991, are expected to see out their contract, which expires at the end of this year.

The move comes as the Terra Firma boss Guy Hands tries to tempt the private equity fund’s investors to back a bailout of the music group, which it took private in 2007 for £4.2 billion. It is understood the investors have already been briefed about Queen’s departure and the move has been factored into a turnaround plan drawn up by EMI executive chairman Charles Allen.

Mr Hands has told Terra Firma’s investors they could make a profit up to 58 per cent if they invested an extra £360 million in the company. In a presentation sent to investors last week, he said that the “upside case” for saving EMI from its lender Citigroup with a bailout of that size is that, if the company were to be sold before 2015, investors would pocket £208 million, thus recovering all their equity investment.

The presentation also shows that Mr Hands has backed down from earlier plans to present a wholesale £360 million bailout as the only option for investors. Terra Firma had argued that a payout that big was the best way to ensure a turnaround at EMI because it would protect the company from Citigroup until 2015.Mr Hands is now asking investors for £105 million now, plus £255 million later. The music giant needs to find £105 million by next Friday to avoid a covenant breach and will fall into the hands of Citigroup unless investors stump up that money. People close to the situation said yesterday that Terra Firma has had verbal commitments from its investors that they will put in the £105 million.

Queen are essentially a catalogue act, although Brian May and Roger Taylor — two of the band members — still perform live, albeit infrequently.

http://business.timesonline.co.uk/tol/business/industry_sectors/media/article7120172.ece


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people on streets user not visiting Queenzone.com

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Posted: 07 May 10, 23:34 Edit this post Reply to this post Reply with Quote

Thanks for posting. Interesting read

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Posted: 08 May 10, 00:12 Edit this post Reply to this post Reply with Quote

About damn time. Now ditch Hollywood and things will be great.

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Posted: 08 May 10, 00:43 Edit this post Reply to this post Reply with Quote

Three questions. Will Universal re release all the albums again? 2. Will we now finally have a better shot at seeing the anthologies?  And will this move have any effect in the U.S.?

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Posted: 08 May 10, 01:50 Edit this post Reply to this post Reply with Quote

I highly doubt Universal are going to keep the EMI type status quo and rehash everything over and over. They WILL want to expect some sort of NEW product from Queen considering the money they WILL be investing into the deal (they DO have a say after all, in that understandable regard), so hopefully things like the Anthologies will come into fruition finally thanks to the switchover.

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Posted: 08 May 10, 04:29 Edit this post Reply to this post Reply with Quote

This is very good news !

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Posted: 08 May 10, 06:09 Edit this post Reply to this post Reply with Quote

Bring on Ultimate Queen, a 2-CD set with all the a-sides from the Singles Collection boxsets!

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Posted: 08 May 10, 06:10 Edit this post Reply to this post Reply with Quote

Oh, HOORAY!

Best news in a very very long time.
Come on the Universal Deluxe series Queen releases!

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Posted: 08 May 10, 18:51 Edit this post Reply to this post Reply with Quote

Maybe now appears the "Greatest Video Hits 3" and shows of the '70s.

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Posted: 08 May 10, 19:15 Edit this post Reply to this post Reply with Quote

Do you think they consulted John Deacon before moving?

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Posted: 08 May 10, 23:58 Edit this post Reply to this post Reply with Quote

John Deacon is also consulted.

I am expecting a Made In Heaven II ... honestly. There's more near complete songs in the vaults than they say. Brian's said something like "We have an archivist who locates songs and things on a daily basis that we could complete in the future and release".

I wouldn't be surprised if they have enough material to do a whole album with songs that have never been released in any kind of way, and with Freddie on vocals!

I don't just think of this as a kind of "dream", I think it's actual reality that they have a lot of songs being kept back. I think Brian, in particular, doesn't wasn't want to release them yet, due to the fact that he knows he's not dying, and releasing the rest of good things in the vaults, would be like ending his total Queen career. I even believe there's stuff written during and after the Innuendo sessions, that are near complete. "Write me more songs! More words! I'll bring in everything I can" proclaimed Freddie during the Innuendo sessions, and during the sessions after Innuendo was released.


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Posted: 09 May 10, 03:52 Edit this post Reply to this post Reply with Quote

I think that this is potentially good news for the new releases we want to see (new concert DVDs, possible archives, new recordings), but also bad news in that the hits catalogue will undoubtedly be rehashed and repackaged too because that wil be the main way for Universal to recoup their outlay

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Posted: 09 May 10, 09:49 Edit this post Reply to this post Reply with Quote

>>Brian's said something like "We have an archivist who locates songs and
things on a daily basis that we could complete in the future and
release"

The SINGLE funniest thing I have read in a very long time.

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Posted: 09 May 10, 10:26 Edit this post Reply to this post Reply with Quote

This does not come as a surprise at all. (In fact I told you before in a topic about the "non release of the Anthology project" and such...)

But now - don't expect too much. Better - don't expect anything !

The Rolling Stones also went to Universal recently and had their 70s catalogue released. No extras, no new booklets...nothing.
"Exile on Main Street" being released later this month will be the first ever Stones studio album getting a "deluxe " treatment. So there is a litte light but not much.... 

Jimi Hendrix (or better his estate) went to Universal a while ago and now we have the same original albums remastered for the fourth or fifth time...no extras, no mono mixes.....just some additional short DVDs with interviews being mostly available before...not essential at all.

So I will wait and not buy anything, if there is just another label printed on the same stuff again...

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Posted: 09 May 10, 15:26 Edit this post Reply to this post Reply with Quote

Absolutely - we'll see another set of re-issued original albums in their original form but with the Universal brand on them as soon as the EMI versions are able to be withdrawn from the market.

We'll then have a Universal branded "Best Of" collection.  I'd reckon we'll perhaps get a GH3 DVD as the first "original" Universal release or, better for them, a 3-disc set that usurps the existing GH1 & 2 DVDs from EMI.

Would be interesting to know what Queen are obligated to EMI for in terms of releases before the end of their contract.  Hammersmith '75 almost certainly, but another audio-release?

As for the Deluxe / rarities / Anthology issue - Universal can only release what QPL gives them to release.  If QPL sign a "blanket" contract with no specific mention of any anthology series, then we just ain't gonna get it.

The status quo will remain as long as Beach is at the helm.

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Posted: 10 May 10, 02:37 Edit this post Reply to this post Reply with Quote

Would be nice to see a gh3 with the innuendo singles on their and the budapest dvd

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Posted: 10 May 10, 18:27 Edit this post Reply to this post Reply with Quote

I love "Greatest Hits 3" the way that it is actually.

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Posted: 10 May 10, 21:36 Edit this post Reply to this post Reply with Quote

Wow, EMI have really lost some BIG bands of late....Queen, Radiohead et al.  Not looking good for them really.

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Posted: 11 May 10, 01:15 Edit this post Reply to this post Reply with Quote

Benn Kempster wrote: >>Brian's said something like "We have an archivist who locates songs and
things on a daily basis that we could complete in the future and
release"

The SINGLE funniest thing I have read in a very long time.
It's funny, but true. Look it up on his damn site.


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calibre user not visiting Queenzone.com
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Posted: 11 May 10, 06:56 Edit this post Reply to this post Reply with Quote

kinda makes the lyric in 'let me entertain you' redundant though doesn't it!?
(...with Elektra and EMI, we'll show you where it's at!)


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