Official: Terra Firma owns EMI
p2pnet news | music:- Private equity firm Terra Firma Capital Partners is now officially the proud new owner of Britain’s EMI, a member of the Big 4 Organise music cartel, together with Vivendi Universal (France), Sony BMG (Japan and Germany) and Warner Music (US).
“The firm, headed by financier Guy Hands, extended the deadline several times as investors held out in the hope that EMI’s on-again, off-again suitor Warner Music Group Corp. would come forward with a rival bid,” says Associated Press.
EMI is, “struggling more than most and has cited disappointing North American CD sales for profit warnings,” says the story, adding, “But analysts say that the overall industry’s woes do not entirely explain EMI’s poor performance, pointing out that Warner and Universal have weathered the storm better.
“They instead highlight EMI’s persistent weakness in the United States, lack of promising new tunes and internal control problems.”
The fact that EMI, and its three partners in crime, relentlessly suing their own customers in a fruitless bid to force them to buy products may also have something to do with it.
Rather than driving music lovers towards the corporate music industry, the sue ‘em all campaign has created a new, an
d steadily growing, consumer base whose constituents want absolutely nothing to do with the Big 4 labels.
However, this consideration is never included in official statements, although it’s certainly being discussed heatedly behind closed doors.
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Also See:
rival bid – Warner after EMI. Again., June 11, 2007
Associated Press – Private equity firm succeeds in takeover bid for music group EMI, August 1, 2007
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