Capitol Records Inc

British music giant EMI Group has offered to make veteran manager Andy Slater president of Capitol Records, sources said, signaling a shake-up at EMI's flagship label. Slater would replace EMI's U.S. Deputy President Roy Lott, who has been running the label for the last two years on a temporary basis after the exit of former label chief Gary Gersh. Sources said Lott is to retain an executive post at the company. Under Lott, Capitol claims the No.

A divided Los Angeles City Council approved a deal Wednesday to keep Capitol Records in Hollywood, but only after asking for an investigation of the city's purchase of an adjacent parking lot for almost twice what a city appraisal said it was worth.

A divided Los Angeles City Council approved a deal Wednesday to keep Capitol Records in Hollywood, but only after asking for an investigation of the city's purchase of an adjacent parking lot for almost twice what a city appraisal said it was worth. By the bare minimum vote of 8 to 4, the council agreed to invest $4 million in a deal that would help Capitol Records refurbish a nearby office building and add 80 employees to the company's current Hollywood work force of 160.

The Community Redevelopment Agency staff failed to clearly disclose to the agency's board that no appraisal existed to support the $1.45-million price paid for a parking lot as part of a deal to keep Capitol Records in Hollywood, an audit concluded Monday. City Controller Rick Tuttle had asked for the audit from a private firm after The Times reported on the land deal. The purchase, the audit found, "was not conducted in a prudent business manner."

City Controller Rick Tuttle suggested that the Los Angeles City Council delay action on a deal to keep Capitol Records in Hollywood, disclosing Friday that his office has launched an audit of the controversial transaction. The Times reported that, as part of an early version of the deal, the Community Redevelopment Agency bought a parking lot for nearly twice what an agency appraisal said it was worth. A second appraisal that justified the $1.

The Community Redevelopment Agency board agreed Thursday to invest $4 million in a development deal that will keep Capitol Records Inc. in Hollywood, but only after one board member complained that she was misled about the value of a key property in the deal. CRA officials said the agreement the board sent to the City Council for final action will result in Capitol Records spending more than $21 million to renovate its landmark tower and a nearby building.

For six years, Nineth Anton has watched impatiently as a cluster of vacant buildings in her Hollywood neighborhood has drawn vandals, trash and vagrants. Her frustration over the blighted properties has only grown with the knowledge that they are owned by the Los Angeles redevelopment agency. A fading sign on one graffiti-scarred building that boasts "The Future Site of Selma Park" is no consolation.

The Beastie Boys are staying with Capitol Records, having just renegotiated their deal with the company into what is said to be one of the largest and most innovative in the industry. But a lot of people in the music business wondered why the announcement made no mention of the trio's Grand Royal label--which had been a high-profile joint venture with Capitol. There's a good reason: Grand Royal is headed away from Capitol--and maybe out of the conventional record business world entirely.

In the latest of a series of management shake-ups at British music giant EMI Group, Gary Gersh is expected to step down this week, possibly as early as today, as president of Capitol Records--home to such huge pop acts as the Beastie Boys, Bonnie Raitt and the Beatles, sources said. Gersh's exit follows months of behind-the-scenes squabbling between the 43-year-old executive and his new boss, EMI's U.S. Deputy President Roy Lott--who sources say will replace Gersh until a new candidate is named.