EMI Retreats From China & Asia
From our friend Math’s at Music 2.0: EMI has sold off their Greater China operations and though we don’t have the full details, it has also divested its interests in Japan too, and as seems likely they have now almost fully retreated from Asia.
Yesterday in London, EMI Music’s President and COO Chris Roling agreed to sell all existing shares they own in Greater China including those of EMI Taiwan, Shanghai Bu Sheng (Typhoon) music and Hong Kong’s Gold Label Entertainment to existing Greater China JV partner Typhoon Group. With this agreement, Typhoon will not only take over all of EMI’s existing artist contracts…
for the Great China region, but will also serve as the exclusive
physical and digital products distributor for EMI’s international
repertoire. EMI’s Chinese artists switching over to Typhoon include
Jolin Tsai, Ah-mei and David Tao.
The acquisition is reported to be in the 9 figures in HK currency with
EMI only retaining the right to distribute Typhoon’s recording
repertoire overseas. EMI’s publishing arm which it values much more
greatly than its recording assets still remains under its control,
though there is every possibility that it might likewise be willing to
let it go at the right price.
Much more on the developing story at Music 2.0.