Bits & Pieces: Citi Receives 10+ bids for EMI, KOL Cancel Tour to Tune of $15million, Turntable.fm & more…
Worth more than Warner Music?
The first round bids for EMI are in, with multiple reports pointing to more than 10 offers received for either the whole or individual recorded music and publishing arms of EMI Group, from interested parties including Sony, Universal, Warner Music, BMG Rights Management and a host of private equity groups. At least one analysis this week claimed that Citigroup could possibly fetch more than $4 billion for the company based on a similar multiple used in the recent Warner acquisition. An article in FT.com yesterday claims that the current tendered bids range from $3 – $4b, and that between four and six of the submitted offers were for the entire music group. Citi is expected to respond to the opening bidders this week… While less humorous than last summer’s Kings of Leon bird droppings incident, the band’s cancelation of the remainder of their current U.S. tour dates following an abrupt termination of a set in Dallas last week, may prove much more damaging. Rollingstone.com takes a look at other recent tour cancelations with somewhat dubious explanations, and according to reports, the KOL cancellation may cost policy holder, Loyds of London, as much as $15 million in payouts to promoters and others affected… The much talked about Turntable.fm has secured a $7.5 million financing round led by Union Square Ventures, which has some wondering if the startup will next seek licensing agreements with the record labels and music publishers. Lady Gaga and Kanye West are also reportedly among those who contributed to the funding… And The Shins are following fellow former Sub Pop label mates Band of Horse, in moving from the venerable indie to a new imprint-label deal with Columbia Records for their next release.
06.29.10Indie Dispatches: The Unstoppable Local Natives & The Shins New Album
Local Natives Building Momentum with Non-Stop Touring
One look at Local Natives upcoming tour schedule should leave little doubt that the LA five-piece are one the hardest working young bands out there. The group has always been a touring machine, but the list of forthcoming shows for the remainder of 2010 would make even a seasoned road warrior gasp in admiration. And showing that rewards are there for those who work, all their time on the road seems to be paying dividends. It was barely 15 months ago that Local Natives were playing SXSW for the first time, getting a Local who? response and a collective shrug of the shoulders from record labels; few suitors stepped-up with an offer to sign the band before they ultimately inked a deal with NY indie label French Kiss. Since then the group has become a global presence and have built a fan base the old-fashioned way, by touring, touring, touring. This summer sees them playing a host of A-list festivals worldwide – Oya, Glastonbury, Pitchfork, Reading, Leeds, Roskilde, Summer Sundae and Fuji Rock in Japan to name a few. This is all before setting off on North American dates that stretch from September 17th to October 28th. The opening show of the tour at the Henry Fonda Theater in their hometown sold-out in a matter of hours, requiring the addition of a second date (the sell-out nights also seem to have brought some bigger labels sniffing around). Whether or not the sales of their album Gorilla Manor are commensurate with their live business, there’s no disputing that Local Natives are rapidly turning into the indie rock version of The Little Engine That Could.
In an interview for Pitchfork last week, James Mercer announced his next project will be a fourth album from his main combo, The Shins. Since the band have fulfilled their initial Sub Pop record deal, the two million dollar question is, which label is in line to release the album? Will it be the Seattle indie in some new-model arrangement? Or will Mercer follow the path of former label-mates Band of Horses and bring The Shins to Columbia Records – also the current home for his Broken Bells project with Dangermouse? There’s always the possibility of another label stepping up with an offer too good to turn down, but Mercer & co. are also in a position to go it alone and turn their backs on the traditional label system. With the three prior Shins releases selling in massive quantities (both Oh Inverted World and Wincing the Night Away received gold certifications) and Mercer currently riding high with Broken Bells, to say the album is highly anticipated is an understatement.
-Cool Hand Luke
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More Bits & Pieces…
The Shins Release "Goodbye Girl" on Levi's Pioneer Sessions
The Shins cover of Squeeze’s “Goodbye Girl” is the latest offering from Levi’s Pioneer Sessions. So far the project has featured cover songs from Nas, The Swell Season, She & Him with tracks from Passion Pit and The Kills among others on the way… Treats, the debut album from Sleigh Bells saw a wider physical release this week, bumping the album up to #55 on the charts… Tuesday night at the Echoplex was a sold-out crowd for Health and Best Coast… And it appears Surfer Blood is the next band to make the jump from indie Kanine Records to a major label. This follows Chairlift’s move from the indie to Columbia Records last year…
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