British Execs To ‘Save’ Iconic UK Labels, Bands

The fall out following the EMI split'n'sale is continuing, with British label heads working towards 'saving' iconic UK labels such as Parlophone from international owners.

EMI's recorded music division was recently sold to Universal Music Group after anti-trust regulators gave them the all clear following the drawn-out sale process. As part of the clearance, Universal will have to divest large chunks of the company, which many believe will include Parlophone, as well as back catalogues from David Bowie and Pink Floyd, potentially.

The Sun reports that Idol creator and British entrepreneur Simon Fuller is behind a £350million ($550 million) bid for the label alongside Island Records founder Chris Blackwell.

Parlophone is still home to Coldplay, Gorillaz, Blur, Pet Shop Boys and Australia's own Kylie Minogue, and British stakeholders are hoping to keep the label in British hands – particularly given that Universal won't be giving up The Beatles' catalogue.

It is believed that they are also eying off the back catalogues of David Bowie and Pink Floyd, which are up in the air following the deal.