January 15, 2008 |
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.
November 10, 2007 |
EMI Group, alleging copyright infringement, sued the founder of a San Diego online music provider, seven years after another Internet firm founded by him paid more than $100 million to end similar lawsuits. Michael Robertson and his company, MP3Tunes, were named as defendants in a complaint filed by EMI labels including Capitol Records Inc. and EMI Virgin Music Inc. in federal court in Manhattan. The suit seeks undetermined damages and a court order blocking Robertson from infringing.
November 3, 2007 |
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.
August 30, 2007 |
Private equity fund Terra Firma Capital Partners Ltd. stamped its authority on EMI Group, announcing Wednesday the departure of EMI Chief Executive Eric Nicoli and outlining a new focus for the music label of the Beatles, Coldplay and the Rolling Stones. Terra Firma, which paid $4.9 billion for EMI, said Nicoli and Chief Financial Officer Martin Stewart would be out before the takeover's completion and the company's delisting from the London Stock Exchange next month.
August 16, 2007 |
Struggling EMI Group, the world's fourth-largest record label, has hired the Los Angeles office of global advertising agency Saatchi & Saatchi to help market its music. The move, announced Tuesday, comes as music labels are trying to tackle declining sales and two weeks after EMI accepted a buyout offer from private equity group Terra Firma Capital Partners Ltd.
August 2, 2007 |
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.