London - Major record label EMI announced that it has agreed to sell its stakes in three Asian joint ventures to partner Typhoon for an undisclosed sum.

EMI will sell stakes in Typhoon Music (China), artist management and record company Gold Label (Hong Kong) and EMI Music Taiwan.

Under the terms, Typhoon will now exclusively distribute EMI physical repertoire in China and Taiwan, and become a non-exclusive distributor of digital products in those regions, while EMI will retain the option to release Typhoon's music internationally.

"Chinese music is a very exciting emerging market with longer term growth potential -- particularly in digital -- but still with economic and other challenges such as high rates of piracy," said EMI Music president and COO Chris Roling.

"This new corporate structure will allow us to reduce our cost base while providing EMI Music's international artists with a market-leading partner for the release of their music in the PRC and Taiwan."

Related Links:
http://www.emigroup.com/Press/2008/press85.htm