History
Capitol Music Group was formed in February 2007 as a merger of Virgin Records and Capitol Records, in an effort by EMI to restructure and save an average of $217 million yearly. Both Virgin Records and Capitol Records, however, remain imprints of the label.
Virgin Records CEO Jason Flom was named the head of the division, with Capitol Records CEO Andy Slater resigning after receiving a pension reportedly worth more than $15 million. As the head of the label, Flom reports directly to EMI Group CEO Eric Nicoli.
As a result of the merger, promotion was halted and many acts were dropped from both Virgin Records and Capitol Records, including Janet Jackson and Fischerspooner.
A total of 283 artists signed to Capitol Music Group, including Mims, LeToya Luckett, J. Holiday, Royal Bliss, Mack 10, Faith Evans, Fat Joe and since 2007, Katy Perry, Ferras, and Rucka Rucka Ali Prince Carter.
In 2010, Virgin Records spun off from Capitol Music Group to form Virgin Music Group.
In November 2012, it was announced that Steve Barnett would become Chairman & CEO of the company.
Read more about this topic: Capitol Music Group
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