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Tuesday, April 27, 2010

EMI Kerfuffle

EMI’S NEXT MOVE: EMI Music Chairman Charles Allen is said to have backed off the idea of selling off divisions of the company, including its Christian music and Japanese labels, reported U.K. website This is Money, which claimed “he is [now] keen to renew attempts to strike a sales and distribution pact with rivals for the company's business in the Americas.” This is reportedly part of the five-year strategic plan Allen has submitted to Terra Firma chief Guy Hands, which the board will take to investors in seeking additional funding to meet its debt covenants and prevent Citigroup from taking over EMI, amid increased chatter the two factions are at odds over the correct course of action. (4/27a)

 
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