Martin Mills remains one of the strongest objectors to Universal’s proposed £1.2 billion acquisition of EMI Music, but the Beggars boss has echoed the FAC's suggestion that artists should be able to buy back their rights at a reasonable price if the deal goes ahead.
In an open letter today Mills said, “If there is any adequate compensation and counterbalance for the creation of the controlling entity that would result from this deal, it should be that any artist signed to any Universal or EMI label, currently or historically, should have the opportunity when the companies combine to buy their rights back at discounted market value."
He went on to say that such a deal would allow artists to "utilise the services of the independent sector", should they wish, “mitigating some of the worst potential effects of the acquisition”.
He added: “Universal should not fear this, given what they have said about their motives and artist relationships.”
While Mills remains in opposition to the deal, with the above clearly tabled as a last resort, the FAC actually came out in support of the UMG/EMI deal last week, with the artist buyouts being a condition of that backing.
Mills' letter can be read in full below:
Sir,
The proposed sale of EMI Music to Universal will lead to the creation of an unacceptably dominant behemoth and should, I believe, be blocked outright in the interests of an open and competitive market, of artistic diversity and of consumer choice.
If, however, the European Union decides to go down the remedies road – hard though it is to imagine how any could be sufficiently constraining – my opinion is that there is one place they should start with possible divestments and that is with artists.
If there is any adequate compensation and counterbalance for the creation of the controlling entity that would result from this deal, it should be that any artist signed to any Universal or EMI label, currently or historically, should have the opportunity when the companies combine to buy their rights back at discounted market value.
This would create a happy single moment of opportunity for artists and allow those who so wished to regain control of their masters and utilise the services of the independent sector to distribute their music, thus strengthening the music community and mitigating some of the worst potential effects of the acquisition.
Universal should not fear this, given what they have said about their motives and artist relationships.
Martin Mills, Chairman and Founder, Beggars Group, London SW18, UK
Advertisement
