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Capitol, Virgin Merged To Form Capitol Music Group

EMI is merging its North American pop, rock and urban operations. The company today announced plans to combine its Capitol and Virgin labels into a single unit called The Capitol Music Group. The Capitol and Virgin Records imprints will survive, but the company is streamlining its executive and staffing ranks. As part of the restructuring, Jason Flom–who joined EMI as chairman/CEO of Virgin in November 2005–is named chairman/CEO of the new organization. He reports directly to EMI Group CEO Eric Nicoli and will now oversee the combined Capitol and Virgin rosters in the US. Capitol president/CEO Andrew Slater is stepping down from his post of six years. “Jason Flom quickly demonstrated his leadership and artist development abilities since he has been at Virgin. I am confident that he will take us to new levels of success,” Nicoli said in a statement. The shakeup is part of EMI Group’s recently announced effort to deliver $217 million in annual savings across its business. Bruce Lundvall, president and CEO of the Blue Note Label Group, will continue to report directly to Nicoli, as will EMI Music North America COO Ivan Gavin and EMI Music North America CFO Colin Finkelstein. EMI Music Marketing president Ronn Werre, Capitol Nashville president and CEO Mike Dungan, EMI Christian Music Group chairman/CEO & president Bill Hearn and Caroline Distribution GM/senior VP Bill Hein will all continue to report to Ivan Gavin.

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