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01 Feb 2011 22:59

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Biz, Music: Citigroup owns EMI: Will they start selling CDs at bank branches?

  • 2007 In one of the most un-rock-‘n’-roll moves a major label has ever done, private equity firm Terra Firma, led by financier Guy Hands, buys EMI for $6.7 billion, $4.3 billion of which was loaned to Terra Firma by Citigroup in a deal which looks really stupid in retrospect.
  • 2011 A few years after the financial crisis made that deal look like a really stupid idea, the musical home of Radiohead, Blur and The Beatles was just taken over by Citigroup. Which means that the company that runs your ATM also sells the Beastie Boys’ catalogue. source
Posted by Ernie Smith • 0 Comments • Permalink

09 Jun 2010 11:27

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Music: Thom Yorke says what we were all thinking about the music industry

  • When the corporate industry dies it will be no great loss to the world. So don’t tie yourself to the sinking ship because, believe me, it’s sinking.
  • Radiohead lead singer Thom Yorke • Discussing the fall of music industry capitalism in a British textbook. He seems to have a good handle on this. He left his big corporate label, EMI, just a couple years before they fell into particularly dire straits. EMI is now the property of private equity firm Terra Firma, and since the 2007 acquisition, they’ve had massive debt and restructuring problems. (via Pitchfork) source
Posted by Ernie Smith • 0 Comments • Permalink
 
 
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