EMI, Talent Firm in Music Deal

From Bloomberg News

EMI Group said Thursday that it would distribute the recordings of Mandy Moore and rock group Army of Anyone through a new label created by talent management company the Firm that plans to share profit directly with the artists.

The profit-sharing aspect of the label, which hasn't yet been named, differs from traditional royalty agreements, London-based EMI and the Firm said. Moore and Army of Anyone, which includes former members of the bands Filter and Stone Temple Pilots, were the first acts to be signed. EMI will distribute their products in the United States. EMI also has the right to distribute and market the label's acts outside the U.S.

The creation of the label builds on other profit-sharing agreements among EMI, Beverly Hills-based the Firm and musical acts. Last year the Firm and EMI formed a partnership with the band Korn and concert promoter Live Nation Inc. to share revenue from tours, merchandise and the sales of recordings.

The Firm was founded as a music management company. In 2002 it acquired the assets of Michael Ovitz's Artists Management Group.

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