MECHANICS OF THE DEAL: According to the deal proposal, Sony/ATV will administer EMP’s business, which involves processing royalties and making licensing deals, Sisario points out. In exchange for eliminating about $120 million in overhead expenses, Sony/ATV would get 15% of net publisher’s share—its revenue minus royalty payments to songwriters—as an administration fee. Based on EMP’s accounting from last year, that would net Sony/ATV $50 million, saving EMI’s operations $70 million. A large portion of those savings appear to be in layoffs. According to the document, 152 people would be laid off in the first year, and 174 would be “used on a temporary, transitional basis.” The elimination of those 326 positions represents about 63% of EMP’s current work force of 515. Those numbers may have changed since the document was prepared in January, but as a pitch to investors it makes an aggressive case for savings and profitability. Few in the music industry think that could be accomplished without many layoffs. (4/18a)
VMAs BEAMING BACK
TO THE BIG APPLE Getting back to where they once belonged (4/24a)
THE COUNT: ALL THE DESERT'S A STAGE
Jon Wayne is rolling over in his grave. (4/24a)
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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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