A product of more than 100 years of consolidation in the record industry. Electric & Musical Industries Ltd (EMI) emerged in 1931 as the merger of Columbia Gramophone (founded 1889) and The Gramophone Company (founded 1897). Along with several mergers and acquisitions, EMI acquired Capitol Records in 1955. In 1976 the label signed the Sex Pistols, dropping them soon after due to the backlash against their famous appearance on the Bill Grundy Show promoting the Anarchy In The U.K. single. Over the years EMI has actively bought up numerous independents and small majors, cumulating in the acquisition of the Virgin Music Group in 1992.