LONDON — The co-founders of Creation Records, home to the group Oasis, are leaving the indie label.
Alan McGee and Dick Green have announced plans to exit in June in order to pursue other interests; they are in talks with Sony Music Entertainment on the future of Creation.
The duo, who set up Creation 17 years ago, sold 49% of the company to Sony in 1992 for $5.6 million to avert bankruptcy. Oasis hit it big after the deal, and Sony renewed its partnership with the label three years ago for a reported $23 million.
Sony may buy more
Some observers believe the most likely scenario is that Sony will buy the remaining 51% of Creation. Sony would not comment.
Although initial reports also had Oasis leaving Creation, the group’s manager, Marcus Russell, said that was “pure speculation.”
Russell explained that “Oasis (is) contracted to Sony and licensed to Creation Records in the U.K. Until we hear otherwise, it’s business as usual.”
Oasis is gearing up for the release of its album “Standing on the Shoulders of Giants” and a world tour.
McGee has been the key figure at Creation, which also boasts Primal Scream, Teenage Fanclub and the Boo Radleys on its roster.
“I feel like trying my hand at some new things,” McGee said, adding that he was interested in film, new media and publishing.