EMI Bailout Request Now Reportedly at 360 Million Pounds…
Terra Firma chief Guy Hands is now requesting a cool 360 million pounds ($553.7 million) from investors, at least according to the latest from Bloomberg. The amount would potentially keep the wolves at bay until 2015, and avoid relinquishing the property to lender Citigroup. Terra Firma is currently tussling through a contentious lawsuit with the mega-bank, and breached covenants could [...]
Doobie Brothers Serve Latest Suit Against EMI…
And the latest legal action against EMI? The Doobie Brothers are now suing EMI Music North America over non-payment of royalties, according to reports out of London and Nashville Monday morning.
Q1 Market Share Figures Offer a Few Surprises…
EMI Music has been trumpeting improved market share figures in 2010, thanks largely to a successful Lady Antebellum release. That is now supported by stats from both Hits Magazine and Nielsen Soundscan, both of whom are showing the improved percentages. Hits is showing an 11.8 percent year-to-date share for EMI (up from 8.7 percent at the same point in 2009); [...]
Not All Bad: EMI Scores a Few Chart-Toppers…
EMI Music and its owner, Terra Firma, are battling an overwhelming swarm of problems. Lingering defaults, exiting bands, nervous partners, and near-term takeover possibilities are hardly the elements of productive stability. But positives still exist, and the more stable EMI Music Publishing offers the easiest example.
Point, EMI: Judge Rules Citigroup Case Stays In New York…
The legal battle between Citigroup and Terra Firma will remain in New York, according to a federal court ruling. Citigroup was attempting to shift venues, specifically to London, and toss the US-based case. “For reasons that will be elaborated in a forthcoming written opinion, Citi’s motion is denied in its entirety,” US District Judge Jed Rakoff ruled from Manhattan late [...]
EMI Implosion Continues; Strange Licensing Discussions Underway…
And the latest distress signal out of EMI? According to a Sunday report from the Times of London, the label is now holding discussions with rival majors to outsource the marketing and distribution of its catalog. The strange licensing plan would effectively grant the licensing rights on big-name catalogs in exchange for upfront fees.
Chopped & Screwed? EMI Buyout Chatter Returns…
If rumors could seal deals, then EMI would have been acquired by Warner Music Group by now. The latest flame-fanning comes from the London-based Times, which is now pointing to a potential break-up bid by WMG and private equity firm KKR.
EMI Loses the Case Against Pink Floyd; What Happens Next?
What a wretched week for EMI. The latest bad news comes from London, where Pink Floyd has now won its court case against the label. A High Court judge ruled that EMI indeed violated its artist contract by offering unbundled, a-la-carte songs from the band.
Washington, DC: Performance Anxiety Strikes Again…
The seemingly-endless battle over terrestrial performance royalties for recordings continued Tuesday in Washington, DC. As usual, the typical combatants are facing off, including the RIAA and NAB (National Association of Broadcasters). And once again, the topic du jour was the Performance Rights Act.