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EMI MUSIC TO ACQUIRE OUTSTANDING 50 PERCENT OF CHRYSALIS RECORDS GROUP

EMI MUSIC TO ACQUIRE OUTSTANDING 50 PERCENT OF CHRYSALIS RECORDS GROUP
 NEW YORK, Nov. 19 /PRNewswire/ -- EMI Music announced today an agreement with Chrysalis Group plc to acquire the outstanding 50 percent interest in Chrysalis Records Group not already owned by EMI Music. EMI will pay approximately $30 million plus assumption of debt.
 Commenting on the transaction, EMI Music President/CEO Jim Fifield stated: "We are very happy to bring Chrysalis Records wholly within the EMI Music family. This will allow us to strengthen Chrysalis' competitive position and enable them to be more effective in achieving their goals and objectives. Additionally, we will be able to benefit from synergies from the combination of certain elements of Chrysalis with other EMI operations."
 Chrysalis was founded 20 years ago and has over the past two years averaged annual worldwide turnover in excess of $170 million. In 1989, EMI Music paid $73 million plus assumption of debt for half of Chrysalis Records. Under the 1989 agreement, EMI had the option to buy the remaining shares of Chrysalis Records at a later date. The original exercise date has now been moved forward by acquiring the shares not already owned by EMI Music.
 Fifield added, "It was always our intent to fully integrate Chrysalis into EMI Music. We feel that a wholly owned company offers greater benefits to its artists, the label and EMI Music. I am also pleased that Chris Wright has agreed to remain on as non-executive chairman of Chrysalis Records and will be available for advice and guidance. We value his industry experience and relationships he has developed with both artists and the music community."
 Commented Wright, "I am delighted that Chrysalis will have a home within EMI Music and am excited to be involved in its continued success, particularly since this will allow me time to become more actively involved in the creative aspects of the business. Chrysalis has always had a distinctive character, and I am very happy with EMI's commitment to maintaining a separate and strong label identity."
 EMI Music is a leading multinational music company. It operates in 34 countries and has a well-established roster of major international artists, major music publishing operations, significant manufacturing and distribution facilities, and recording studios.
 -0- 11/19/91
 /CONTACT: Yon Elvira of Susan Blond, Inc., 212-333-7728, for EMI Music/ CO: EMI Music; Chrysalis Records Group ST: New York IN: ENT SU: TNM CK-FC -- NY060 -- 5002 11/19/91 13:51 EST
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Publication:PR Newswire
Date:Nov 19, 1991
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