May 04, 2005 04:18:39 GMT
Linkin Park has demanded a $60m payment and a 50:50 split of future profits as part of a new deal with Warner
Linkin Park dispute with its record company Warner Music still continuing. The rock band said in a statement "The new owners of Warner Music Group will be reaping a windfall of $1.4bn [£740m] from their $2.6bn purchase a mere 18 months ago if their planned initial public offering moves forward. It means Linkin Park, their biggest act, will get nothing."
Further the band claimed that only $7m of the $750m proceeds of the IPO had been earmarked for corporate purposes. The investment team led by Edgar Bronfman Jr., even worse, has since cut $250m in costs, reducing the workforce by and its roster of artists by about Thus, those points are all obviously to Linkin Park disadvantage.
And so, the band's management, the Firm, is seeking a $60m payment and a 50:50 split of future profits as part of a new deal with Warner.