Shake-Up at EMI Clouds Future of Its Artists
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Terra Firma, the private equity firm that recently acquired EMI Group, announced a major restructuring of the music company, saying it would eliminate close to a third of the staff.
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EMI Group PLC, the world&#39;s third-largest music company, on Friday said it and other music companies faced a New York probe into how music companies influence what songs are played on the radio.
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Shares in record company EMI plunge more than 16% as the company issues a profit warning after lower-than-expected sales.
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The record label EMI is reported to be planning to cut as many as 2,000 jobs as part of a restructuring plan.
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Martin Bandier will take the reins of the music-publishing unit at the rival Sony Corporation after his EMI contract expires at the end of next month.
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British music label EMI will cut up to 2000 jobs to increase Internet sales by promoting digital music, and boost its roster of talent.
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EMI Group PLC, beset by profit warnings and an accounting scandal in Brazil, was thrown a potential lifeline yesterday with a possible new takeover bid by a former suitor, Warner Music Group.
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Record label EMI, bought by private  equity firm Terra Firma last year, is set to announce on Monday  plans to cut as much as one third of its 6,000 staff, slash  marketing costs and drop artists as part of a restructuring,  the Wall Street Journal reported.
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Mediabase has taken an unconventional approach to raise its own visibility as it confronts a shake-up in the world of music industry magazines.
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Europe's biggest IT show is undergoing an overhaul forced by a drop in attendance and wider changes in the industry.
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LONDON -- EMI Group PLC, home to the Beatles and Coldplay, agreed to a 2.4 billion pound ($4.7 billion) takeover by a private equity group on Monday, but the deal raised speculation of an all-out bidding war for the struggling music company.
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EMI Group PLC , the world's third-largest music company, on Friday said it and other music companies faced a New York probe into how music companies influence what songs are played on the radio.
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EMI Group, the world's third-biggest music company, may sell or demerge its recorded music division as part of a radical overhaul of the firm to reverse falling profits, a newspaper reported.
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EMI, the struggling British music company, said Friday that it had rejected an informal takeover bid by US rival Warner Music Group, claiming the cash offer worth 2.08 billion pounds (3.07 billion euros, 4.05 billion dollars) was &quot;inadequate.&quot;
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LONDON -- Shares of EMI Group PLC, whose artists include Coldplay and Robbie Williams, dropped more than 8 percent Thursday after the music company said it had ended takeover talks with an unidentified suitor.
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The record label EMI is planning to cut as many as 2,000 jobs as part of a restructuring strategy.
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The decision will at least suspend further consolidation of the global music industry even as album sales plummet.