Le catalogue de Paul McCartney change de mains

In the latest setback for EMI Group Ltd., Paul McCartney has joined a parade of well-known artists headed for the exits at the struggling global music giant, handing world-wide distribution rights for his catalog of about 50 post-Beatles albums to independent record label Concord Music Group.

For EMI, the impact of the move may be more symbolic than material but nevertheless marks a challenge for a fragile company.

Sir Paul has been out of contract with EMI for newly recorded music since 2007 and released his three most recent albums through other labels, including two on Concord. But in February he regained control of the vast library of albums he released between 1970 and 2006, both as a solo artist and as the leader of the band Wings. It is that catalog that he now is yanking from EMI.

EMI declined to comment. The label is battling to remain independent, after breaching the terms of a £3.2 billion ($4.91 billion) loan from Citigroup Inc. this month.

Sir Paul joins Radiohead, the Rolling Stones and Pink Floyd in parting ways with EMI. Radiohead's catalog of albums remains with EMI, while the Stones and Pink Floyd were able to take back their older titles. People close to the bands that have left have described various reasons. Some stem—directly or indirectly—from EMI's tenuous financial position, which has led to deep staff cuts and other reductions that some artists complain have hampered the company's ability to promote their music.

EMI has had recent successes, including country-rock band Lady Antebellum and a collection of remastered Beatles albums.

EMI retains the long-term right to distribute the Beatles' music under license from Apple Corps Ltd. That arrangement is not set to expire in the foreseeable future.

The London-based private-equity group that owns EMI, Terra Firma Capital Partners Ltd., is attempting to raise £360 million from investors to rectify the financial shortfall that caused the loan breach and to preempt such defaults for the next four years. Terra Firma has until mid-June to raise the money or risk Citi seizing control of the company. An effort to raise money by licensing to a rival the U.S. distribution rights to EMI's catalog is on hold unless EMI can raise the additional investment, according to people familiar with the matter.

Separately, Terra Firma has a lawsuit pending in U.S. District Court in Manhattan alleging that Citigroup committed fraud by duping Terra Firma into overpaying for EMI.

Terms of the McCartney deal weren't disclosed, but Concord Chief Executive Glen Barros described the arrangement as a "collaboration" rather than a traditional record deal involving cash advances. "The intent is that it's a long-term deal," he said.

The first album to be reissued under the new arrangement is "Band on the Run," the 1974 album with Wings, the title track of which was No. 1 pop hit in the U.S. Concord plans to release a deluxe version of the album, with previously unreleased songs and collector-oriented configurations. "We'll promote it like a new release," Mr. Barros said.

"I've had a good working relationship with Concord," Sir Paul said in a prepared statement. "I'm looking forward to continuing this relationship." A spokesman and a lawyer for Sir Paul declined further comment.

Sir Paul's albums have sold more than 9.4 million albums in the U.S. since 1991, when SoundScan began tracking sales, plus 2.3 million digital songs. But those numbers have fallen dramatically in recent years along with the rest of the recorded-music market. Sir Paul's catalog sold just 357,000 total albums last year, and two-thirds of those sales were generated by a live album released that year by Concord, giving an anomalous bump to the catalog as a whole. He sold just 129,000 albums in 2008.

Sir Paul's relationship with EMI dates back nearly 50 years, to the Beatles' 1962 signing with EMI's Parlophone label. His decision to leave may indicate tenuous relations between the label and the remaining Beatles and heirs of the band's members. Cooperation from the band's representatives remains essential for EMI if it is to continue executing plans like last year's lucrative collection of remastered Beatles albums, which sold 13 million CDs world-wide, according to Apple Corps.

The Beatles remain one of the best-selling acts in the world, decades after their break up. Last year, only Michael Jackson and Taylor Swift sold more music in the U.S. than the Beatles' 3.3 million albums, according to SoundScan.

Concord was founded as a jazz label in 1972 and in 1998 was acquired by television producer Normal Lear's Act III Communications. The label has since grown beyond its roots to release high-profile albums artists, ranging from Robert Plant to Ray Charles. In the wake of Concord's 2004 acquisition of the Fantasy Records label, Concord executives signed John Fogerty as an artist, ending a decades-long feud. Mr. Fogerty had long blamed the onerous terms of a record deal with Fantasy for the breakup of the band that put him on the map, Creedence Clearwater Revival.

Concord's annual revenue is estimated at around $100 million; its U.S. market share is just shy of 1%.

Fan On the Run a écrit:Des rééditions et de re-masterisations, c'est bien, un nouvel album, ce serait mieux.