EMI Earnings

As if things weren’t bad enough in the Terra Firma-Citigroup showdown, EMI Music issued a brutal earnings report for the fiscal year ending last March. The net loss of 1.56 billion pound ($2.48 billion) was far worse than the previous year’s loss of 412 million pounds ($649 million). The red ink did include an impairment charge of 1.04 billion pounds ($1.64 billion), and EMI racked up sizable restructuring charges during the period in question, as an estimated 5,000 were eliminated from the global workforce. But look on the bright side—the fiscal year ending this March will benefit from those Beatles reissues. (2/5a)