Faxon's Exit Deal

PARACHUTES AND LADDERS: Current EMI chief Roger Faxon has a deal that, within 30 days from the time the first of the two regulatory processes closes, requires him to choose between remaining with either publishing or recorded music. If he chooses publishing (which received conditional, but not final approval from the EC), there’s a good chance Sony/ATV ruler Marty Bandier will let him go as soon as the merger is approved. If he chooses to remain with recorded music, the more likely scenario, according to insiders, he won’t be out of a job as soon, because the UMG-EMI prospective merger will take longer to be resolved. Either way, Faxon is guaranteed an $8 million golden parachute when both UMG-EMI and Sony/ATV-EMP close. Look for more inside info tomorrow morning, with the posting of I.B. Bad’s latest column. (6/28p)