It Makes You Think, Again !
It appears that the pending lists affair is not over.
In January 2011, the major labels in Canada had settled a class action lawsuit against them for the unauthorized use and distribution of recordings, as well as unpaid mechanical and video royalties.
EMI Music Canada Inc., Sony Music Entertainment Canada Inc., Universal Music Canada Inc. and Warner Music Canada Co. had later in May 2011 agreed to pay approximately $50.2 Million dollars to songwriters and music publishers that had not been compensated the use of their works in certain compilations and live recordings.
Well, Universal Music Group and Universal Music Canada is now suing the National Union Fire Insurance Company of Pennsylvania, their insurer, for their share of the settlement and other related expenses in the Supreme Court of the State of California in Los Angeles.
According to their November 8th, 2011 complaint found on HollywoodReporter.com, Universal Music Group had paid $14.4 million in damages and approximately $1.06 million in attorney fees and costs.
EMI Music Group Split For Sale
It appears that Citigroup have decided to sell individual portions of EMI Music Group according to two press releases issued yesterday.
The labels within the group will be sold to Vivendi and Universal Music Group for £1.2 Billion whilst the publishing assets of the group will be sold to an investor group that includes Sony Corporation of America, David Geffen and the estate of Micheal Jackson for $2.2 Billion (source : Citigroup press releases 111111a / 111111b).
These sales are of course subject to regulation and independent label association IMPALA expects that the sale of EMI Recordings to Universal Music Group will be “blocked outright” according to their latest press release.