Today in Music: Warner signs new publishing chief; EMI signs Pink Floyd – again
Warner Music signs publishing exec behind Cee Lo’s “F*** You”
Warner Music Group has signed up a new publishing chief Cameron Strang as CEO of Warner/Chappell Music, its music publishing unit. The world’s No.3 music company said David Johnson, who previously held the joint title of chairman/CEO of Warner/Chappell, will continue as chairman until July at which point Strang will take on the additional role of chairman as well.
Johnson, who was previously the company’s general counsel, has led Warner/Chappell since 2006.
Strang, 44, founded New West Records and Southside Independent Music Publishing in 1995. As part of deal Warner/Chappell has acquired Strang’s Southside whose songs include 2010 hits like B.oB.’s Nothin’ on You and Cee Lo Green’s “F*** You” (pictured left) both nominated for Record of Year 2011.
Music publishing has traditionally been the unfashionable arm of the music industry when compared to the label side. But in recent years it has become an increasingly valuable part of the business because of its steady cash flow from a variety of revenue sources beyond shrinking CD sales. Song publishers are usually run by some of the veterans of the business like Marty Bandier, 70, at Sony/ATV Music Publishing who have great experience at extracting value out of songs for decades after they were first released. Strang’s knowledge of today’s hit music could put him in good stead for both short and the long-term.
EMI signs up Pink Floyd to a new global five-year agreement.
As my colleague Mike Collett-White points out here:
“The development will come as a relief to the label, which has lost high-profile acts including Queen, The Rolling Stones, Paul McCartney and Radiohead since EMI was taken over by private equity firm Terra Firma in 2007.
Terra Firma boss Guy Hands also lost a court case in New York last year in which he accused Citigroup Inc of tricking him into overpaying for EMI.”