Macca dumps long-time label to keep Mills away from his money!
The legendary singer has been offered a 25 million pounds advance by Capitol/EMI.sex and relationships Updated: Aug 07, 2013 11:57 IST
It seems that the reason why Sir Paul McCartney has decided to part ways with his label of 43 years Capitol/EMI and strike a deal with newcomers Starbucks Records, is so that he can stop estranged wife Heather Mills from laying claim to his fortune.
Macca is turning his back on Capitol/EMI, with who he has been ever since the Beatles’ first album in 1964, and is on the verge of striking a deal with Starbucks Records.
The legendary singer has reportedly been offered a 25 million pounds advance by Capitol/EMI for his next four albums.
However, since the advance is payable immediately, McCartney’s estranged wife Heather could stake a claim to half of it.
According to industry sources, this is what tipped the scales in favour of Starbucks Records for Macca, as the deal will save him around 12.5 million pounds of the advance Capitol/EMI would have paid out for a four-album deal.<b1>
A source revealed that though music executives at Capitol were devastated by Macca’s decision, they had been expecting it, especially since they had not marketed critically acclaimed 2005 album ‘Chaos and Creation in the Backyard’, which itself had been nominated as Album of the Year in 2006, to its full potential.
"They knew it was coming. They did nothing for the Chaos album, and they were reminded that McCartney's entire contract was ending," the Daily Mail quoted the source, as saying.
"Starbucks has proven to be a much more effective seller of CDs and DVDs than record stores, thanks to their amazing retailing and branding," another source said.
"Starbucks customers have come to regard non-coffee product merchandise as hip and attractive, while record companies have been unable to reach customers at all in recent years," the source added.
In the meanwhile, Mills had rubbished rumours that she and Macca have come to a deal as far as their divorce settlement is concerned, and have also sorted out their custody arrangements of their daughter Beatrice.
First Published: Mar 14, 2007 16:15 IST