"EMI just decided they couldn't compete. It was too much to pay and they want to spend that money on developing new talent," the Daily Express quoted a source as telling The Times.
After private equity firm Terra Firma took over EMI in 2007, the label has lost many top artists including bands such as The Rolling Stones, Supergrass and Radiohead.
London (ANI): Rockers Queen are set to part ways from their longtime record label EMI, it has emerged. Queen, which has been with EMI for almost four decades and sold an estimated 300 million albums through the label, are said to be in talks with rival company Universal to sign a multi-million pound deal when their contract with EMI expires at the end of this year.