EMI MUSIC PUBLISHING
LAYOFFS BEGIN

The exodus is on at EMI Music Publishing after the FTC’s approval of its acquisition by Marty Bandier’s Sony/ATV Music last month.

After the close of the deal, about seven senior EMP execs left the company, including Roger Faxon who, according to his deal, was allowed to move over to EMI Recorded Music until its acquisition by Universal Music Group is approved. That deal is currently being mulled over by the EU, which has handed over a Statement of Objections that UMG is in the process of dealing with, which will undoubtedly include required divestitures. When that deal closes, as has been reported, Faxon will receive an $8 million payoff and be free to take his talents elsewhere.

Beginning after the July 4 holiday last week, layoffs reportedly started occurring in Los Angeles and Nashville, and this week continued in New York with about 30-40 people at EMI having their jobs eliminated due to the integration.

At least one move has been publicly announced, with Jorge Mejia, who oversees Latin America for Sony/ATV, assuming those duties for EMI Music Publishing's Latin catalog after EMI's head of Latin, Nestor Casonu, recently exited.

While Sony/ATV and EMI’s individual catalogs will remain as legally separate companies, Bandier told the N.Y. Times last month, “At end of the day, we are going to be one homogeneous company with one person—myself—running it."