LONDON (CelebrityAccess MediaWire) — EMI appears to have moved to the head of the list of labels in the running to snap up Chrysalis, one of the last of the independent Brit label groups after rival Warner Music has backed away.
Chrysalis owns a solid catalog that includes publishing rights to numerous artists, including old favorites such as David Bowie's early work, and Blondie to more modern fare like My Morning Jacket and The Raconteurs. The decision to put the firm, valued at $330 million followed a review of the business by founder and largest shareholder Chris Wright, the Times reported.
Included in the deal would be the aforementioned catalog and imprints along with Chrysalis' CD distribution division, Lasgo. Chrysalis recently its radio division for $330 million in July, the Times reported.
EMI itself was only recently acquired by private equity fund Terra Firma, and has since been undergoing an extensive cost reduction resulting in thousands of layoffs, so the interest in Chrysalis was surprising to many observers. – CelebrityAccess Staff Writers