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BUSINESS
June 3, 1992 | From Times Staff and Wire Reports
Virgin Announces Layoffs: England's Virgin Music Group, which was recently purchased by Thorn EMI, announced that more than 130 jobs will be eliminated. Under the consolidation plan, 50 U.S. employees will be laid off. Eighty Britain-based employees also will leave, Virgin said. The company said it expects future layoffs in its music publishing division.
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BUSINESS
November 13, 2001 | Jeff Leeds
London-based EMI Group plans to extend the contracts of Ray Cooper and Ashley Newton, the two executives heading the British music conglomerate's Virgin America label, according to sources familiar with the move. Some record industry insiders had predicted Cooper and Newton would be forced out in a corporate shake-up that began last month with the ouster of Ken Berry, the chief of EMI's global record division. EMI ranks last among the five major record conglomerates in new releases in the U.S.
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BUSINESS
November 20, 1991 | From Times Staff and Wire Reports
Virgin Music Denies Sale Rumor: Virgin Music Group formally denied that it is about to be sold or merged with another company. Recent reports suggested that Virgin might be acquired by London-based Thorn EMI for $550 million. In a statement, Virgin said several "unsolicited offers" for the company had been rejected. Virgin Music's roster includes Paula Abdul and Janet Jackson.
BUSINESS
November 1, 1994 | From Reuters
Virgin, new to the business game 25 years ago but now experienced in the art of sales seduction, is stretching its brand in new directions. Best known in America for its cheap flights to London on Virgin Air and its big-city music department stores, the British company thinks it can easily branch out into new areas.
BUSINESS
October 2, 1989 | From Times wire services
A Japanese media group will pay about $150 million to buy a stake of just over 25% in London-based Virgin Music Group, the world's sixth-largest record company, Virgin Managing Director Ken Berry said today. He told a news conference, held simultaneously in Tokyo and London via television satellite, that the new partnership aimed to become the world's third-largest recording company. The stake will be taken by three Japanese companies, all members of Fujisankei Communications Group.
BUSINESS
October 3, 1989 | JUBE SHIVER Jr., Times Staff Writer
The rapid consolidation of the recording industry took another step forward Monday as Virgin Music Group, one of the last independent companies in the business, agreed to sell a minority stake to a Japanese media firm. Fujisankei Communications Group will pay about $150 million to purchase a 25% interest in Virgin Music, which said it will use the funds for international expansion.
BUSINESS
May 25, 1993 | JAMES BATES, TIMES STAFF WRITER
One year after stunning the music business by paying nearly $1 billion for Virgin Music Group, Great Britain's Thorn EMI is still dogged by conventional wisdom that it grossly overpaid. But EMI and Virgin executives hope that the coming weeks will blunt the criticisms by showing that they have turned an operation that was breaking even at best into a major contributor to the company's operating profit.
BUSINESS
March 7, 1992 | JEFF KAYE and CHUCK PHILIPS, SPECIAL TO THE TIMES
Thorn EMI gained control of nearly 18% of the global record market--and added the Rolling Stones, Janet Jackson and Paula Abdul to an already sizable roster of artists--when it agreed Friday to acquire Virgin Music Group for a head-turning $973 million. The deal between the two British firms puts EMI in the company of such industry giants as PolyGram and Warner Music Group.
BUSINESS
November 1, 1994 | From Reuters
Virgin, new to the business game 25 years ago but now experienced in the art of sales seduction, is stretching its brand in new directions. Best known in America for its cheap flights to London on Virgin Air and its big-city music department stores, the British company thinks it can easily branch out into new areas.
BUSINESS
November 13, 2001 | Jeff Leeds
London-based EMI Group plans to extend the contracts of Ray Cooper and Ashley Newton, the two executives heading the British music conglomerate's Virgin America label, according to sources familiar with the move. Some record industry insiders had predicted Cooper and Newton would be forced out in a corporate shake-up that began last month with the ouster of Ken Berry, the chief of EMI's global record division. EMI ranks last among the five major record conglomerates in new releases in the U.S.
BUSINESS
November 23, 1993 | JEFF KAYE, SPECIAL TO THE TIMES
Meat Loaf was way over budget working on his "Bat Out of Hell II" album and now, in May, 1992, he wanted more money to keep going. Executives at Virgin Music, which holds distribution rights to the record outside North America, were concerned about pouring more cash into the project. But after listening to what had been recorded so far, Virgin Chairman Ken Berry recalls, "Everybody just said, 'Yes!' " Eighteen months later, "Bat II" has proven to be one of the biggest records of 1993.
BUSINESS
May 26, 1993 | From Times Staff and Wire Reports
EMI Music Posts Big Gain: The music company said its profit in the year ended March 31 rose 57% to $329 million, with its newly acquired Virgin Music Group contributing $89 million of the profit. EMI's sales rose 34% to $2.52 billion, with Virgin's sales accounting for $422 million.
BUSINESS
May 25, 1993 | JAMES BATES, TIMES STAFF WRITER
One year after stunning the music business by paying nearly $1 billion for Virgin Music Group, Great Britain's Thorn EMI is still dogged by conventional wisdom that it grossly overpaid. But EMI and Virgin executives hope that the coming weeks will blunt the criticisms by showing that they have turned an operation that was breaking even at best into a major contributor to the company's operating profit.
BUSINESS
March 7, 1992 | JEFF KAYE and CHUCK PHILIPS, SPECIAL TO THE TIMES
Thorn EMI gained control of nearly 18% of the global record market--and added the Rolling Stones, Janet Jackson and Paula Abdul to an already sizable roster of artists--when it agreed Friday to acquire Virgin Music Group for a head-turning $973 million. The deal between the two British firms puts EMI in the company of such industry giants as PolyGram and Warner Music Group.
BUSINESS
November 20, 1991 | From Times Staff and Wire Reports
Virgin Music Denies Sale Rumor: Virgin Music Group formally denied that it is about to be sold or merged with another company. Recent reports suggested that Virgin might be acquired by London-based Thorn EMI for $550 million. In a statement, Virgin said several "unsolicited offers" for the company had been rejected. Virgin Music's roster includes Paula Abdul and Janet Jackson.
BUSINESS
October 3, 1989 | JUBE SHIVER Jr., Times Staff Writer
The rapid consolidation of the recording industry took another step forward Monday as Virgin Music Group, one of the last independent companies in the business, agreed to sell a minority stake to a Japanese media firm. Fujisankei Communications Group will pay about $150 million to purchase a 25% interest in Virgin Music, which said it will use the funds for international expansion.
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