I.R.S. Records to Close: I.R.S. Records, the Culver City-based label that discovered hit acts such as R.E.M. and Fine Young Cannibals, will close its doors before the end of July, sources said. Sales have been lackluster for years at the once-hot company, which is now owned by EMI Music. Sources said that the I.R.S. imprint will continue to exist, with the current catalog and releases by current artists being distributed through EMI Music, a division of British conglomerate Thorn EMI.
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