Is EMI coming unglued (Part II)?
p2pnet news view Music:- Are things coming unglued at EMI / Terra Firma? – p2pnet wondered in 2007.
Now, “Citigroup Inc. rejected a request from Terra Firma Capital Partners Ltd. to reduce EMI Group Ltd.’s debt by 40 percent in return for a 1 billion-pound ($1.7 billion) cash injection, two people familiar with the talks said,” says Bloomberg News, going on:
“Guy Hands’s (right) private equity firm offered to provide the extra money if Citigroup agreed to reduce the record label’s 2.5 billion-pound debt by a similar amount, said the people, who declined to be named because the talks are private. Citigroup spurned the offer because it would have forced it to write off some of the debt just as EMI’s profit rises, one person said.”
And that’s left EMI “to be run by its own executives, although Hands-appointed non-executives like Lord Birt and former Northern Foods chief executive Pat O’Driscoll remain in place,” says the London Evening Standard, adding:
“Since the takeover, EMI has suffered along with its rivals from the downturn in the music industry and the growth of online piracy.
“It has also been hit by feuding with a string of stars unwilling to be managed by ’suits’, with Joss Stone the latest to hit out at her own recording label.”
So, have things finally come unglued at EMI / Terra Firma?
First they ignore you, then they laugh at you, then they fight you, then you win ~ Mahatma Gandhi
p2pnet – Terra Firma, EMI: out of tune? - October 29, 2007
Bloomberg News – Hands`s Bid to Cut EMI`s Debt Said to Be Rejected by Citigroup, November 16, 2009
London Evening Standard – Citi snub for EMI plan, November 16, 2009
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November 16th, 2009 at 12:15 pm
âIt has also been hit by feuding with a string of stars unwilling to be managed by âsuitsâ, with Joss Stone the latest to hit out at her own recording label.â
They say that as if it’s a bad thing
November 16th, 2009 at 12:40 pm
Good Riddance!! Like Sex Pistols sang
Unlimited edition
With an unlimited supply
That was the only reason
We all had to say goodbye
Unlimited supply (E.M.I)
There is no reason why (E.M.I)
I tell you it was all a frame (E.M.I)
They only did it ‘cos of fame (E.M.I)
I do not need the pressure (E.M.I)
I can’t stand those useless fools (E.M.I)
Unlimited supply (E.M.I)
Hello E.M.I
Goodbye A & M
November 16th, 2009 at 1:59 pm
Buy Buy EMI!
Already BMG is out.
And then they were 3 left!
November 16th, 2009 at 11:44 pm
“Buy Buy EMI! ”
I’m sure you meant “Bye, Bye, EMI!”
___________________
@Jon:
Funny, you’d think Akismet would nail something for having a spammy-sounding phrase like “buy, buy”?!
Just talkin’!