If the price is right …

The question of who is going to buy EMI Classics took up most of 2012 and seems destined to run well into the new year. Given that the catalogue in question is probably the most extensive ever put together, containing priceless recordings from the earliest days of so many great artists that it would be otiose even to start listing them in this confined space, you might think that here was the sale of the century let alone of the year. In fact, no one seems to want it.

The reason for putting such a property up for sale is that Universal, which already owned much of the music industry, last March began negotiations to acquire EMI as well. The European Commission ruled that for one company to own such a huge share of a market was unsatisfactory, and would only agree to the merger if Universal were to divest itself of a third of EMI’s assets. This led to a flurry of promises and evaluations, rapidly accelerating into wonderful detail.

First we heard that Universal would ‘sell the Virgin Classics label in Europe and the British catalogue of Pink Floyd. A sale of Chrysalis Records would not include songs by Robbie Williams.’ This was followed by, ‘Universal has offered to sell Parlophone Records, home to Coldplay and Gorillaz, in the UK while keeping the label’s Beatles songs. The company will also sell some labels including EMI Classics and Virgin Classics in Europe.’ Finally last September Universal assured European regulators that it would dispose of assets to the tune of more than €250 million to soothe their concerns, at which the EU allowed the merger to go ahead. Richard Branson declared he would bid for Virgin Records, the music label he started in London in the 1970s.