One of the most influential British labels of all time, Mute Records, moved into major ownership last week when it was bought by EMI in a deal worth up to £42m.

The acquisition will see EMI Recorded Music paying £23m for the long-established independent, plus up to £19m in performance-related payments over four years.

Under the historic deal, Mute executive chairman Daniel Miller retains global responsibility for the label he founded in 1978.

With estimated 2001 turnover of $42m (?29m), ...