Capitol Records, Inc.

Major US record company behind the Capitol Records label. Founded by Johnny Mercer, Glenn Wallichs and Buddy DeSylva with an initial investment of $10.000. May also appear as: Capitol Records Inc. or Capitol Records, Inc Incorporated in 1942, in 1946 went public enabling it to raise the $2M to establish its first factory Capitol Records Pressing Plant, Scranton (at the time the worlds largest record pressing plant) In 1955 Capitol Records, Inc. was acquired by Electric & Musical Industries Ltd. "EMI" with Glenn Wallichs becoming a member of the board, the following year in 1956 the company moved to the Capitol Tower, a 13-storey, circular office building near the corner of Hollywood and Vine street. During the mid-to-late 1950s, Capitol LPs had patented "T-RIM" process, as indicated on label rim text. This was a raised outer rim to protect the grooves when stacked on a changer, similar to the RCA "Gruve Gard". T-RIM LPs can weight 130-150 grams. Prior to the 1955 acquisition,"EMI" had established Electric & Musical Industries (U.S.) Ltd. specifically to market and sell the European "Columbia" catalogue in the USA under the Angel Records trademark. (As it did not have the rights to the use the Columbia name in the US and Canada). In 1957 this company became an immediate subsidiary of Capitol Records, Inc. with it taking over the role of handling the Angel records label. In the same year Capitol Records, Inc. established its own local subsidiary Capitol Record Club (Capitol record Club, Inc.) As of 1965 immediate subsidiaries / principal associated companies included - Capitol Records International Corp, Capitol Records Of Canada, Ltd. Capitol record Club, Inc (Capitol Record Club), Discos Capitol De Mexico, S.A., Beechwood Music Corp. and tower records (1964) On 29th Feb 1968 Audio Devices, Inc., a manufacturer of computer and recording tape, acquired Electric & Musical Industries Ltd.(EMI) stock in Capitol Records, Inc, in exchange for its own stock. This was not a true acquisition but rather a reverse merger in that Capitol Records, Inc. was the surviving company, Audio Devices, Inc was subsequently renamed Capitol Industries, Inc., which became the immediate parent (holding company) and principal US subsidiary company of Electric & Musical Industries Ltd. who now subsequently owned 72%.(which rose to 97.5% as of 1974) in the combined business's. In march 1974 EMI Ltd. (successor of Electric & Musical Industries Ltd.) renamed Capitol Industries, Inc. to Capitol Industries-EMI, Inc. In 1979, Capitol Records, Inc. became part of the newly established EMI Music (Worldwide division) of Thorn EMI Ltd. (Thorn EMI plc since 1981, formed through the merger of parent company EMI Ltd. and Thorn Industrial Electronics Ltd.) Following restructuring in 1988, Capitol Records, Inc. magnetic tape division (Capitol Magnetic Products) was closed (which was initially formed in 1974 through the "Audio Devices" merger), in the same year ultimate parent Thorn Emi plc undertook a restructuring of EMI Music Worldwide and established a new company - Capitol-EMI Music, Inc. which became the principal company behind "EMI" music operations in the USA. Capitol Records, Inc. existed in this form until 2007, when, after EMI's acquisition by Terra Firma Capital Partners, it changed its legal form to limited liability company. Since then, the company is named Capitol Records, LLC and this form is maintained to this day. In September 2012 Capitol Records became part of Universal Music Group, following Vivendi S.A. purchase of certain companies that formed part of EMI Group Ltd. (successor of Thorn EMI plc). Factories established and operated by the company included: Capitol Records Pressing Plant, Los Angeles, Calif. Capitol Records Pressing Plant, Jacksonville, Ill. Capitol Records Pressing Plant, Winchester, VA. Capitol Records Pressing Plant, Scranton Capitol Records-EMI Of Canada Limited Pressing Plant, Missisauga, Ont.