Capitol Music Group is a major record label, a wholly owned subsidiary of EMI.It was formed in February 2007 as a merger of Virgin Records and Capitol Records in an effort by EMI to restructure and save an average of $217 million yearly.Both Virgin Records and Capitol Records, however, will remain imprints of the label.Virgin Records CEO Jason Flom was named the head of the division, with Capitol Records CEO Andy Slater resigning after receiving a pension reportedly worth more than $15 million.As the head of the label, Flom will report directly to EMI Group CEO Eric Nicoli.As a result of the merger, promotion was halted and many acts were dropped from both Virgin Records and Capitol Records, including Janet Jackson and Fischerspooner.A total of 283 artists signed to CMG. Artists like Mims, LeToya Luckett, J. Holiday, Royal Bliss,Mack 10, Faith Evans, Fat Joe and recently (since 2007) Katy Perry , Ferras, and Rucka Rucka Ali Prince Carter are signed to the label.As of 2010, Virgin Records spun off from CMG to form Virgin Music Group.