Contracts May Be Why EMI Can't Make A Deal

LONDON (Hypebot) –
The contracts of some of EMI's best selling acts could be the reason that the label group has yet to make a catalog licensing deal that would provide much needed cash. The Beatles, Pink Floyd, Coldplay and Norah Jones were named by Showbix411 as having contracts which prevent EMI from licensing their recording to another label.

If true, EMI's extensive catalog would be significantly devalued. "Sources say that when the UMG folks realized this, they pulled out at the last minute," according to the blog. "EMI then went to Sony, almost made a deal there until that gang asked the essential questions." Other media sources suggest that Sony may still be willing to continue negotiations.