The executives at EMI and their shareholders must be giving a big sigh of relief. After a couple of years that saw the loss of Paul McCartney, Queen, Radiohead and the Rolling Stones, the company has finally been able to re-sign one of their flagship acts, Pink Floyd. The group has inked a new five-year deal with the label.
EMI group CEO Roger Faxon said in a statement "Pink Floyd are one of the most important and influential bands of all time and I know I speak for everyone at EMI when I say that it is a privilege to have the opportunity to work with them.We're looking forward to continuing to help the band reach new and existing fans through their incredible body of work."
Part of the new deal negates an earlier court ruling that EMI could not sell Pink Floyd albums as individual tracks. The ruling stated that they were only allowed to sell them in the digital marketplace as complete albums to preserve the integrity of the albums.
The financial world, though, is not as positive on the deal as they still feel that EMI is at risk of defaulting and being taken over by Citigroup. EMI owner Guy Hands needs to find $155 million by March 31 to meet financial obligations.
VIDEO: For more classic rock check out the Undercover video interview with the Doobie Brothers:
