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"I am both saddened and confused that the current owners of EMI have chosen not to include Tony Wadsworth as part of their future plans for the company."
—-Dave Holmes, Coldplay manager
EMI APPROACHES D-DAY
Terra Firma’s Guy Hands Is Expected to Announce His Plans for Company This Week
This time, Guy Hands intends to announce his intentions for EMI in person.

The Terra Firma boss, who acquired the company last year for $4.7 billion (2.4 billion pounds) and has been conducting a letter-writing campaign to employees soliciting their feedback, is expected to cut up to 2,000 jobs worldwide as part of a massive restructuring, a third of its total staff. The announcement could come as early as tomorrow.

Published reports have him cutting marketing budgets to 12% of projected sales, from 20%, but raising spending on A&R and attracting new talent.

Reports from the U.K. press also have him ditching thousands of artists when he announces his plans tomorrow.

Hands has warned artists they would be dropped if they did not work hard enough for the group and called for a "fundamental shift" in the way the company did business.

His comments, along with the exit of respected U.K. Chairman Tony Wadsworth last week have raised the hackles of managers with acts on the label.

Robbie Williams’ manager, Tim Clark of ie: music, told the London Times that, since Terra Firma's takeover, Hands has behaved like a "plantation owner," and he has yet to reveal his clear strategy in moving forward. Clark was even quoted as saying his act might refuse to put out another album for the company.

 

Meanwhile, another huge EMI act, Coldplay, has been the subject of rumors that they might follow Radiohead’s strategy of releasing their next album without a major label.

 

3D Management’s Dave Holmes also expressed dismay at Wadsworth’s exit, telling Billboard.biz: "I am both saddened and confused that the current owners of EMI have chosen not to include Tony Wadsworth as part of their future plans for the company," but reiterated he would wait to hear Hands’ announcement before making any decisions as to the band’s future.

 

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