KOCH Records President Bob Frank Releases Statement On MySpace Deal

NEW YORK, NY. (Top40 Charts/ KOCH Records) - Said Bob Frank, President of KOCH Records:

"KOCH Records, as the No 1 Independent label in the U.S. for the last 7 years, was disappointed to see MySpace's 'smoke and mirrors' announcement regarding its new music service. Essentially it has announced a deal with the majors and has in effect become MajorSpace.

"It is unconscionable that it would give equity positions to the majors and treat the independent community as second class citizens after having built its service on our backs, as its CEO has acknowledged. It makes no sense at all the that the Majors will benefit from the utilization of our content without our participation as well.
To be clear, our issue is not with the Majors having equity but with MySpace believing that we would accept this without similar terms.
MySpace continually states that it is embracing the independents. It's a pretty listless and cold embrace."

About KOCH Entertainment
KOCH Entertainment, founded in 1987 and now in its twenty-second year, is the leading and fastest-growing independent music company in the U.S. KOCH's operations encompass record and video labels, music publishing as well as distribution companies in the U.S. and Canada.
KOCH Entertainment is the market leader among independent labels and distributors in both the U.S. and Canada. Its record label KOCH Records is the No 1 independent label in the U.S. and had the largest number of Billboard charting albums among independents for seven years in a row (2001 - 2007). KOCH Entertainment is a subsidiary of Entertainment One Ltd. which is listed on the London Stock Exchange's AIM market (ticker symbol "ETO").