Rolling Stones quit EMI for £10m move to Universal in blow to private equity king Guy Hands
The Rolling Stones have signed a recording deal worth more than £10million after they were poached from EMI by rivals Universal Music Group.
The deal, announced on the eve of Sir Mick Jagger's 65th birthday, also allows them to take all their releases since the 1970s with them.
The group's back catalogue has been described as the 'single most iconic' in rock music.
It is a blow for EMI, where the Stones' departure follows that of Radiohead and Sir Paul McCartney.
Private equity king Guy Hands bought EMI last year for £2 billion and spent hours personally trying to persuade Sir Mick Jagger and other band members to stay with the company.
Snub: Charlie Watts, Keith Richards, Mick Jagger and Ron Wood have left record label EMI to move to Universal
Sir Mick said: 'Universal are forward-thinking, creative and hands-on music people. We really look forward to working with them.'
The snub to a stunned EMI is merely the latest blow to Mr Hands’s attempt to turn the company around.
EMI lost Sir Paul McCartney and Radiohead, two of its biggest acts, last year.
Rumours that Coldplay are also unhappy are rife in the music industry.
Doug Morris, the chairman of Universal Music, said: 'There is no question that the Rolling Stones are one of the most important bands in music history.'
The deal, however, does not cover money made from the group's tours. Sources claim this would have increased it to more than £25million.
Last year, the Stones were named as the top earning music act of the year, according to U.S. business publication Forbes.
It said the band made £43millon between June 2006 and June last year, largely due to their Bigger Bang tour, which grossed £41million.
Sir Mick alone is worth £225 million, putting him 362nd on The Sunday Times Rich List.
