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BUSINESS
February 2, 2011 | By Alex Pham, Los Angeles Times
In an unexpected move, Citigroup Inc. took control of EMI Group but left untouched the management of the British music company that publishes such songwriters as Alicia Keys, Norah Jones and Kanye West. Citigroup's takeover of EMI surprised many in the music industry, which expected the New York bank to wait until EMI's former owner, Terra Firma Capital Partners, defaulted on its $5.4-billion loan before wresting control of the British record company. "Everyone thought Terra Firma had a bigger window," said Bob Lefsetz, a music industry analyst.
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ENTERTAINMENT
July 26, 2008 | From the Associated Press
The Rolling Stones, the world's top-earning music act last year, have signed a long-term, exclusive worldwide contract with Vivendi's Universal Music, dealing a major blow to the group's former recording company, EMI Group. Universal said Friday that the new deal covered both future albums by the Stones and their back catalog, including such albums as "Sticky Fingers" and "Black and Blue" and songs "Brown Sugar" and "Start Me Up." Universal, the world's biggest recording company, did not disclose terms of the deal.
BUSINESS
July 15, 2008 | From Times Wire Services
EMI Group Ltd., the music company controlled by Terra Firma Capital Partners, said its recorded music unit swung to a profit in the fiscal first quarter after it cut jobs and stemmed excess shipments of CDs. EMI's recorded music division earnings before interest, tax, depreciation amortization totaled 59.2 million pounds ($118 million) in the three months through June compared with a loss of 45.1 million pounds a year earlier, the London company said. Revenue grew 61% to 288 million pounds.
BUSINESS
January 15, 2008 | Joseph Menn, Times Staff Writer
In a dramatic demonstration of the economic toll of digital piracy on the music industry, EMI Group is expected to fire more than a quarter of the London-based company's employees and radically alter the way it does business to further cut costs.
BUSINESS
November 3, 2007 | From the Associated Press
The new owner of EMI Group has said that he will drop artists he believes are not working hard enough and will overhaul the company's executive pay packages. Terra Firma Capital Partners Ltd. bought EMI, which has Coldplay, the Rolling Stones and Kylie Minogue on its books, for $4.9 billion in August. In an internal memo confirmed by Terra Firma, the private equity group's chief executive, Guy Hands, also threatened to withdraw stars' lucrative advances if record sales were disappointing.
BUSINESS
August 2, 2007 | From Times Staff and Wire Reports
Terra Firma Capital Partners Ltd.'s 2.4 billion-pound ($4.9 billion) offer for EMI Group was accepted by 90.3% of EMI shareholders, ensuring that the firm can get financing to buy the record label of the Beatles. The London-based buyout firm received "valid acceptances" from the holders of 732.16 million EMI shares. The firm needed 90% support to gain financing from Citigroup Inc. The acquisition marks an end to seven years of attempts by EMI and Warner Music to buy each other.
BUSINESS
April 2, 2007 | Dawn C. Chmielewski and Michelle Quinn, Times Staff Writers
Customers of Apple Inc.'s iTunes store will soon be able to play downloaded songs by the Rolling Stones, Norah Jones and other top-selling artists free of the copying restrictions once imposed by their label. EMI Group, the world's fourth-largest record label, and Apple, the biggest seller of digital music and players, plan to announce a landmark deal today that would remove copying protections from songs, according to two people familiar with the negotiations.
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