EMI Reorganizes Labels Under Virgin, Capitol

EMI, one of the world’s top music companies, pushed on with yet more restructuring when it reorganized its labels under two global brands--Virgin and Capitol--and streamlined its international management.

British-based EMI Group, whose stars include Lenny Kravitz and Janet Jackson, said it was scrapping the “EMI” name as a label and combining back-office operations of all its imprints as part of plans to cut costs and improve creativity.

The moves come two days after EMI issued its second profit warning in six months and a week after dropping Mariah Carey from its roster in an effort to save money.

Music groups have been under pressure to slash costs and restructure after one of the industry’s worst years on record.