Linkin Park seeks release from Warner Music over IPO deal.
LOS ANGELES, CA Thursday May.5.2005 /netmusiccountdown.com/ --
Last week, Warner Music Group (WMG) announced plans to go public, and now Linkin Park wants out of its contract with the company.
MTV reports that Linkin Park seeks an immediately end to its WMG contract because of the IPO deal initiated by the company's new owners. In a statement issued by the multi-platinum act's management company, Linkin Park claims that the deal benefits investors, who will make "more than $750 million," and that "only about $7 million" of the estimated proceeds will support WMG's operations and its artists.
In the statement, Linkin Park also expresses concern that "WMG's diminished resources will leave it unable to compete in today's global music marketplace."
"We feel a responsibility to get great music to our fans," Linkin Park said. "Unfortunately, we believe that we can't accomplish that effectively with the current Warner Music."
Linkin Park worries that Warner Music will not be able to properly promote the band's next release, which is currently set for release in spring 2006.
Warner responded to Linkin Park's statement with a statement of its own, saying, "While Linkin Park's talent is without question, the band's management is using fictitious numbers and making baseless charges and inflammatory threats in what is clearly a negotiating tactic." The statement adds, "Warner Bros. Records has made significant investments in Linkin Park, and they have always been compensated generously for their outstanding worldwide success."
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