Rolling Stones sign deal with Universal in blow to rival EMI
( dpa ) - The Rolling Stones have signed an exclusive recording agreement to release their next album through the Universal Music Group, the rival of their previous record label, Britain's EMI, it was announced today.
The one-album deal, for the soundtrack CD to Martin Scorsese's film Shine A Light, is due to be released in March.
The announcement by Universal and the Stones' management marks a fresh blow for stricken British record label EMI, to which the band have been signed in the past.
On Tuesday, EMI announced that up to 2,000 jobs would be cut worldwide, affecting about a third of the workforce.
The Rolling Stones are estimated to generate around 3 million pounds (5.8 million dollars) a year for EMI. Their five-year deal expires in May.
There was speculation Thursday that the rock group would follow ex-Beatle Paul McCartney and rock group Radiohead in cutting ties with EMI in protest at the major restructuring under new management.