Post by Jonel on May 5, 2004 13:36:17 GMT -5
MOTOWN'S GORDY HITS BROADWAY NEXT YEAR
By TIM ARANGO
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Motown Founder, Berry Gordy, Jr.
May 2, 2004 -- Motown is coming to Broadway.
Legendary music executive Berry Gordy, despite having recently sold the last piece of his Motown music catalog Jobete to EMI Music Publishing, is busy producing a play called "Ain't No Mountain High Enough," which should hit Broadway sometime next year.
And for EMI, having Gordy still working his magic with Motown will ensure a steady flow of royalties to its coffers.
"I think this is one of those rare pieces that only grows in value," said Martin Bandier, chairman and CEO of EMI Music Publishing.
While the recording music business has faced rough times in recent years in the face of rampant piracy, the steady flow of cash from the music publishing business has helped music companies weather the storm.
For example, as part of the covenants in its bank financing, the new investment group that recently bought Warner Music agreed not to sell its lucrative music publishing arm, Warner Chappell.
But the Motown catalog - rich with 15,000 classic Motown hits from legendary artists such as Marvin Gaye, The Supremes and Gladys Knight - is perhaps the best example of the riches music publishing can generate. It's the only catalog that contains 100 former No. 1 songs.
In late March, EMI Music Publishing purchased the remaining 20 percent of the Motown catalog it didn't already own for $80 million - implying a valuation of $400 million for the entire catalog.
EMI first bought in to the catalog in 1997, buying a 50 percent stake from Gordy for $132 million.
In 2003, EMI bought an additional 30 percent.
"At the time I was doing [the deal], I felt very sentimental about it," Gordy said. "Marty and I are great friends. He's probably the best partner I've ever had."
Sources say Gordy is also negotiating a 12-hour miniseries based on his autobiography, "To Be Loved," which is expected to air on NBC.
In addition, there are two movies in production based on Marvin Gaye's life.
"This is sort of like the passing of the torch," Bandier said of Gordy's decision to sell the final piece of Motown to EMI. "Motown brought black music to a white audience."
www.nypost.com/business/23460.htm
www.eurweb.com/articles/headlines/05042004/headlines1436805042004.cfm
By TIM ARANGO
Motown Founder, Berry Gordy, Jr.
May 2, 2004 -- Motown is coming to Broadway.
Legendary music executive Berry Gordy, despite having recently sold the last piece of his Motown music catalog Jobete to EMI Music Publishing, is busy producing a play called "Ain't No Mountain High Enough," which should hit Broadway sometime next year.
And for EMI, having Gordy still working his magic with Motown will ensure a steady flow of royalties to its coffers.
"I think this is one of those rare pieces that only grows in value," said Martin Bandier, chairman and CEO of EMI Music Publishing.
While the recording music business has faced rough times in recent years in the face of rampant piracy, the steady flow of cash from the music publishing business has helped music companies weather the storm.
For example, as part of the covenants in its bank financing, the new investment group that recently bought Warner Music agreed not to sell its lucrative music publishing arm, Warner Chappell.
But the Motown catalog - rich with 15,000 classic Motown hits from legendary artists such as Marvin Gaye, The Supremes and Gladys Knight - is perhaps the best example of the riches music publishing can generate. It's the only catalog that contains 100 former No. 1 songs.
In late March, EMI Music Publishing purchased the remaining 20 percent of the Motown catalog it didn't already own for $80 million - implying a valuation of $400 million for the entire catalog.
EMI first bought in to the catalog in 1997, buying a 50 percent stake from Gordy for $132 million.
In 2003, EMI bought an additional 30 percent.
"At the time I was doing [the deal], I felt very sentimental about it," Gordy said. "Marty and I are great friends. He's probably the best partner I've ever had."
Sources say Gordy is also negotiating a 12-hour miniseries based on his autobiography, "To Be Loved," which is expected to air on NBC.
In addition, there are two movies in production based on Marvin Gaye's life.
"This is sort of like the passing of the torch," Bandier said of Gordy's decision to sell the final piece of Motown to EMI. "Motown brought black music to a white audience."
www.nypost.com/business/23460.htm
www.eurweb.com/articles/headlines/05042004/headlines1436805042004.cfm