The New York Post's Tim Arango has reported that EMI is close to buying up New York based independent Wind Up Records, the label behind Creed, Evanescence and Drowning Pool. Arango claims the deal would be worth $125 million, of which $100 million would be paid in cash, and $25 million in EMI shares. He reckons EMI's Ivan Gavin and Wind Up's Colin Finkelstein are both hammering out the deal now, and a formal announcement will be made in Oct.
EMI refused to comment on the rumour, while Wind Up boss Steve Lerner gave a non-committal response to the New York Post: "As the most successful independent record company, we're often approached with strategic opportunities. To date, we have not found one in which we felt it was the right situation for Wind-up, our artists and our employees."