Stones Get No Satisfaction From EMI and Sign One-Album Deal With Rival

Jan 17, 06:02 PM

RECORD label EMI's woes continued today as the Rolling Stones signed a one-album deal with its biggest rival.

The veteran rockers announced that Universal Music Group would release the soundtrack CD to Martin Scorsese's documentary on the band, Shine A Light.

The revelation is the latest in a series of blows for EMI, which is to cut up to 2,000 jobs after it was bought last year for Pounds 2.1 billion by private equity firm Terra Firma, headed by financier Guy Hands.

Insiders at both labels believe that a split "looks inevitable" between the Rolling Stones and EMI which has suffered several departures including Sir Paul McCartney and Radiohead.

The band's five-year contract expires in May and Sir Mick Jagger is said to have lost faith with the label, and to have been unimpressed when Mr Hands tried to negotiate with him.

EMI's new regime has alienated many of its artists. Radiohead said they were forced to "make the sign of the cross and walk away", while Sir Paul said the company was "really very boring".

Robbie Williams is refusing to hand over his next album because of disputes over money and creative control.

His manager last week likened Mr Hands to a "a plantation owner" who had stumbled into the record industry via "a vanity purchase".

Coldplay are also considering their position with the company.

The Rolling Stones make Pounds 3 million a year for EMI, which has struggled with falling CD sales due to downloads and piracy.

Shine A Light was filmed at two Stones concerts at New York's Beacon Theatre in 2006, and featured appearances by Christina Aguilera and Jack White. The album will be released in the UK by Polydor Records.

(c) 2008 Evening Standard; London (UK). Provided by ProQuest Information and Learning. All rights Reserved. Stones Get No Satisfaction From EMI and Sign One-Album Deal With Rival
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