EMI Group in Talks to Purchase Remaining Stake in Priority Records

British music giant EMI Group is in negotiations to purchase the remaining 50% stake of Priority Records, the hot Los Angeles label that has spawned a generation of rap stars from NWA to Master P.

In recent weeks, Priority founder Bryan Turner has held talks with EMI Recorded Music head Ken Berry and EMI Group chief Colin Southgate to discuss a potential sale and the possibility of folding Priority into EMI’s Capitol Records Group.

Launched in 1985, Priority generated about $1 million on sales of gangsta rap music during its first year in business.

This year, Priority is projected to gross more than $100 million on sales of explicit rap music, including two upcoming releases the company is slated to distribute for controversial Death Row Records, sources said. EMI paid an estimated $50 million for a half stake in Priority last November, sources said.

It is unclear what the British conglomerate is willing to pay for the remainder of the company, but sources say the deal could be completed before the end of the month.