EMI buys independent record label

EMI is buying the independent record company Mute for €36m.

It will also pay up to €30m, depending on performance, over a period of four years.

Mute is home to acts including Moby, Nick Cave & The Bad Seeds, Depeche Mode and Erasure.

EMI says the acquisition extends an existing licensing relationship that Mute has had with its Virgin Records offshoot for more than 15 years.

Mute's executive chairman Daniel Miller will continue to be responsible for the company's global activities.