Crossword Genius

Independent states record company values (8)

Ross

I believe the answer is:

emirates

'independent states' is the definition.
(an emirate is a type of state or country)

'record company values' is the wordplay.
'record company' becomes 'EMI' (British record label).
'values' becomes 'rates' ('rate' can be a synonym of 'value').
'emi'+'rates'='EMIRATES'

(Other definitions for emirates that I've seen before include "Territory of independent rulers in the Islamic world" , "United Arab -------, Gulf state" , "Arab lands" , "in the airline business" , "Federation of Arab states" .)

I've seen this clue in The Independent.
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