EMI Merges Capitol & Virgin

EMI Music head Eric Nicoli announced the merger of EMI’s Capitol and Virgin labels January 25th to form the Capitol Music Group.

Nicoli also announced that Capitol Records president and CEO Andy Slater has stepped down, and Jason Flom, who has been chairman and CEO of Virgin Records America since 2005, has been tapped to lead the new company. He also said that additional personnel changes and workforce reductions are expected in the near future as a result of the restructuring.

Capitol Records and Virgin Records will remain imprints under the new group, and the company will continue to operate offices on both coasts.

Capitol’s roster includes Coldplay, Kylie Minogue, Paul McCartney, Bonnie Raitt and rising newcomers Lily Allen and Corinne Bailey Rae. Virgin’s stable features The Rolling Stones, Tina Turner, Korn, Joss Stone, and KT Tunstall.