‘Fifth Beatle’ Mourns EMI

The breakup of EMI is the “worst thing that music has ever faced,” according to Sir George Martin, who recorded many albums for the company, including, most famously, The Beatles.

The legendary record producer told the Daily Telegraph the sell-off will leave Sony and Universal with a “virtual monopoly” of the music business.

The man who’s often referred to as “the fifth Beatle” joined EMI in 1950, initially producing comedy and novelty records for the likes of Peter Sellers and Spike Milligan.

He said he’s “saddened” to see the old company being “swallowed up by giants,” and can’t believe that it’s in the public interest.

“Is this what the people want?” he asked. “I always thought that democracy ensured a level playing field for our music industry, but I am wrong.”

Universal countered by saying that Martin has not spoken to anyone at the company.

“If he did, we – as a long-standing music company which invests tens of millions in great British talent – would welcome the opportunity to explain how we will enhance that creative investment in EMI and its digital future,” a Universal spokesman told the Telegraph. “Universal Music is the right home for the company; we are music people. EMI will fare much better with us than with non-music owners, who only asset-strip the business.”

Last year U.S. banker Citigroup stepped in to rescue EMI from its disastrous takeover by Guy Hands’ Terra Firma, before agreeing to offload the recorded music division to Universal for £1.2 billion ($1.9 billion). EMI owns most of the Beatles recordings.

Citi also struck a £1.36 billion ($2.2 billion) deal to sell EMI’s publishing business to a consortium led by Sony.

The European Union will take until Aug. 8 to investigate Universal’s plan because “it could reduce competition,” but at the end of April approved the Sony deal after it agreed to sell off key parts of the EMI catalogue.