The news comes amid several reports this morning, one indicating Terra Firma’s Hands wants to return to the negotiating table with Citigroup over its looming debt repayment (see related Rumor Mill item here). The
This morning’s Wall Street Journal reported, though, EMI “remains in danger of breaching banking covenants on the loans as early as next year despite the total GBP87.5 million equity cures, or cash injections, Terra Firma has committed to make for the periods ending June 30, Sept. 30 and Dec. 31 this year.”
The Maltby Capital report is upbeat about the results, citing the “significant restructuring” of the business “combined with a number of notable commercial and creative successes,” among them Capitol Nashville’s Lady Antebellum, the year’s best-seller.
A copy of the full review is available on the EMI Group website here..
Maltby Capital Chairman Stephen Alexander insisted: “This report shows the very real operational progress that EMI has made in the past three years, in the face of the serious challenges faced by the music industry and the wider economy.
“The year was characterized by creative and commercial achievement in both divisions. EMI Music had particular success with the release of the remastered Beatles catalogue, which has sold more than 13 million albums to date, as well as strong sales from newer artists such as Katy Perry and Lady Antebellum. EMI Music Publishing has again been named publisher of the year in both the
Newly named EMI Group CEO Roger Faxon added: “There is a clear opportunity ahead for EMI as a whole to develop a structure and approach that recognizes the realities of the music environment, and that truly delivers success for the creative talent that the company is privileged to represent. The operating performance we delivered in the year under review gives us a strong platform, and I’m looking forward to working with our great staff and artists to develop the business further. Now, does anyone have a couple beeeeellion pounds we can borrow until 2011?”
THE COUNT: ALL THE DESERT IS A STAGE
The dust settles on the Indio Polo Grounds. (4/22a)
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THE NEW UMG
Gosh, we hope there are more press releases.
TIKTOK BANNED!
Unless the Senate manages to make this whole thing go away, that is.
THE NEW HUGE COUNTRY ACT
No, not that one.
TRUMP'S CAMPAIGN PLAYLIST
Now 100% unlicensed!
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