EMI is fucked in the game (remix)

DocMcCoy

Expect an announcement before much longer that Paul McCartney has taken his entire post-Beatles back catalogue from EMI and signed a deal with Universal. All his material has already been pulled from iTunes. Whether or not that's so it can be used as an additional bargaining tool when a deal is finally done for the Beatles on iTunes remains to be seen, but I wouldn't be too surprised.

Beatnicholas

the current story update goes like this. Universal & Sony offer was "too low" for guy hands (who lets face it, bought a sows ear that looked like a silk purse). Terrafirma basically have their balls in the hands of Citibank (leveraged loans, bad debt, blah blah blah). No takeover buyer wants to get sucked into the EMI/Citibank clusterfuck, hence the devaluation. Meanwhile guy realises his nuts are nailed to the wall and promptly sues citibank for giving inappropriate advice.

A sinking ship, take that to the br...

Beatnicholas

for a less colloquial explanation, read

http://www.telegraph.co.uk/finance/newsb...deal-fails.html

"Mr Hands will now have to ask his Terra Firma investors to pour in the extra cash or risk losing control of the company to Citigroup, which holds all of EMI's debts. Sources believe Citigroup would be quick to put the company up for sale should it take control. "

DocMcCoy

I doubt they can afford to lose any more flagship/marquee-name acts if they want to actually have something they can bargain with when the next round of negotiations takes place. Terra Firma's period of ownership has been characterised by an absolutely staggering level of cluelessness.

DocMcCoy

Queen take their box of toys to Universal.

Hands will be gone before Christmas.

Cosmo

DocMcCoy said:

Queen take their box of toys to Universal.

Ouch that hurts.

B/W

I will never Google Image the word "ouch" again.