EMI Denies Mariah Carey Buyout Report, Stock Falls

EMI Group issued a brief statement in regards to rumors that Virgin has been looking to buy Mariah Carey out of her record contract saying, “EMI wishes to make clear that it has made no such payment or agreement.” The struggling record company’s stock price dropped 2.6% on the news though analysts said it was too early to throw in the towel on the singer. Brett Hucker, analyst at Merrill Lynch in London admits, “She had a great track record until last year. There’s no reason why she can’t get back on track with the next album, but it all depends on what cost pressure EMI is under.”