p2pnet - rss feed: EMI sold for $4.7 billion
p2pnet.net news:- EMI, a founding member of the Big 4 music cartel, is now in the hands of a European private equity firm.
“We target large asset-rich companies that have often been neglected, under-managed or under-invested by their owners,” says Terra Firma, the new owner of EMI.
Guy Hands’s Terra Firma Capital Partners Ltd is buying EMI Group Plc for £2.4 billion ($4.7 billion), says Bloomberg News.
“The company is totally in play,” it has Claire Enders of Enders Analysis saying. “They are hoping a bidding war erupts.”
A “source familiar with the deal” told Reuters Terra Firma, “intended to keep EMI intact, retain existing management and proceed with plans to securitize the company’s reliable music publishing assets”.
If shareholders go for the deal, it could end the seven-year standoff between EMI, the world’s third largest music company, and New York-based Warner, ranking number four, says the story, adding.
“The two groups have tried to combine on numerous occasions but any deal may have struggled for regulatory approval as another merger, Sony/BMG, is still being examined by the European Commission.”
Terra Firma plans to “build on EMI’s current position as one of the world’s leading music companies and accelerate the development of its digital and online strategy,” Hands said in a statement, according to Bloomberg.
Also See:
Bloomberg News - MTerra Firma Agrees to Buy EMI for 2.4 Billion Pounds, May 21, 2007
Reuters - EMI agrees to $4.7 bln offer from Terra Firma, May 21, 2007
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May 21st, 2007 at 1:42 pm
What does this mean for EMI’s No-DRM strategy? Is it too early to tell?
May 21st, 2007 at 3:05 pm
You mean Terra Firma’s DRM strategy don’t you?
May 21st, 2007 at 5:22 pm
“…and proceed with plans to securitize the company’s reliable music publishing assets”.
I hope this does not answer that question finally.
July 2nd, 2007 at 5:06 pm
[…] p2pnet.net news:- “We target large asset-rich companies that have often been neglected, under-managed or under-invested by their owners,” says Terra Firma. […]