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EMI Cost-Cutting

EMI READIES THE KNIFE: EMI Music is looking to make more deep cuts again in an attempt to convince investors to shell out the money which private equity owner Terra Firma needs to retain control of the business. The cost-shaving involves savings of millions of pounds including ridding the roster of acts not making money. According to the Sunday Telegraph, EMI hopes to grow its digital operations, which currently account for 25% of revenues. The cuts will center on investment in new systems and a drive to rid the business of duplication. There is also likely to be a further reduction in the workforce, on top of the 3,000 jobs already eliminated. In addition, EMI's Elio Leoni-Sceti has set about re-signing worldwide superstar Robbie Williams, whose deal is up. An EMI Music spokesperson insists: "EMI Music's new business plan, which will build on its successful strategy already in place, is in the early stages of development. There are no current plans for any major reorganization or redundancies." (2/8p)

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