In 1978, UA executives Artie Mogull and Jerry Rubinstein bought the record company from Transamerica with a loan from EMI, which took over distribution of the label. The official name of the company was changed to Liberty/United Records, but the United Artists Records name was retained under license. The deal led to an immediate setback, as the change of ownership allowed Jet Records to end its relationship with UA and switch its distribution to CBS Records, with the Jet back catalog transferring to CBS distribution as well. UA dumped many ELO albums into the cutout market, which CBS was unable to prevent. However, CBS reissues of early ELO albums through "Out of the Blue" (1977) contained copyright notices for United Artists Music and Records Group. Unable to generate enough income to cover the loan, Liberty/United Records was sold to EMI in 1979 for $3 million and assumed liabilities of $32 million.