EMI goes into the hands of the bank (Citigroup)

[JimmyRiddle]

http://www.bbc.co.uk/news/business-12339299" onclick="window.open(this.href);return false;

£3.9bn up the swanny. Big losers are Terra Firma (private equity group who made their ill fated attempt to buy EMI in 2007) and Citigroup (US bank) who loaned the company the money resulting in a loss of £2.2bn that has been written off.

Citigroup are eventually hoping to sell on EMI. Libera could end up going back under the umbrella of Warner Music. Ultimately whatever happens it shouldn't really cause too many problems for Libera as there will always be someone in the music business that would be delighted to have them on their portfolio.

[TullyBascombe]

EMI may be a lot more than music. I know that at one time they made CT scanners and other medical equipment. I'm wondering what their portfolio was at the time they got into trouble.

[Nikki178]

Aha, I hope the next time Libera hold's a concert in the country, they give Citi employees discount... or good seats. Hahaha. Wishful thinking.

[Murkskis]

''£4.2bn takeover was a failure, with Terra Firma believing it massively overpaid for the company.'' (Quoting the article)

The funny part is- the company that originally sold EMI to these buyers made a spectular profit- some 3.9 bn extra ...
The point is- I couldn't find the name of the original seller in the article- it's probably so unimportant detail Who cares ?

It was not the only deal they made ...
http://www.cjr.org/the_audit/was_the_ci ... ally_a.php

Do you believe in 'free market'? (a rhetorical question)


Edit. Another pearl- "we are completely supportive of both its management and its strategy"(same source).
- No comments . I better listen to music than this rubbish

''The takeover in 2007 of EMI by Guy Hands' Terra Firma - just as the bubble in financial markets was going pop - will go down in British corporate history as one of the worst ever deals”(same source)

- that sounds more realistic

I hope Libera won't be affected by this.

[JimmyRiddle]

Update: EMI sold for 1.2bn to Universal http://www.bbc.co.uk/news/business-15697973" onclick="window.open(this.href);return false;

Wonder if this will affect the way Libera are promoted/supported re: future album releases?

[dani]

Update: EMI sold for 1.2bn to Universal http://www.bbc.co.uk/news/business-15697973" onclick="window.open(this.href);return false;

Wonder if this will affect the way Libera are promoted/supported re: future album releases?

It could be bad or it could be good. I personally think EMI was pretty lax with Libera and should of done a better job promoting them in the U.K . But with a new company will they even be kept on or will they need to look for a new record label ? .. or will Warner treat them better and will they get better promotion and so on.

It will be interesting to see if we see a visable change within the next 18 months.

[Murkskis]

It will be interesting to see if we see a visable change within the next 18 months.

Exactly.
Regarding 'the polished corporate articles' on BBC or any media
I'd better see a change or some kind of development

I'm pretty happy with the activity in US and Japan- I do appreciate, but I also hope for more in UK/Europe!
Hopefully EMI will get a larger support from their new owner!

P.s. Unbelievable- it seems like Citi will get back 'their' money

And one more off-topic (sorry, I just can't refrain to comment)- regarding the 'free market'. Just for fun.
A supplement for schoolbooks This appeared a few months ago:
http://www.bloomberg.com/news/2011-08-2 ... loans.html

[JimmyRiddle]

The takeover looks set to get the go-ahead this week according to this

...However EMI Classics seems to be still up for grabs, because to prevent Universal from getting to big for its boots, they will need to sell some assets (including EMI Classics) to other interested parties - BMG & Sony Music may be among them. I wonder if this will effect the funding libera recieves when they tour Japan, and if the new owners will continue to support libera in this way?

[JimmyRiddle]

The vultures are circling ..... http://www.independent.co.uk/arts-enter ... 00270.html

[JimmyRiddle]

http://www.spectator.co.uk/arts/music/8 ... e-is-right

(...I can manage 30p and a sandwich..but not $80m)

[TullyBascombe]

I was wondering why the FTC and the EC were picking on the EMI classics division as an assett that Universal would have to give up. The actual agreement is that Universal has to divest one-third of its total operations. My guess then is that Universal has probably chosen to divest itself of the bits it doesn't really want. For example, they're also divesting themselves of Parlophone and Chrysalis, but keeping the works of the Beatles and Robbie Williams.

[alcesalcesobservator]

The amazing thing about supporting Libera is how marvelously broadening it is. This topic, for example. I usualy wouldn't give a hoot about record labels changing hands, but now I find myself slightly intrested. I also know what when Libera goes on tour, some people research not only the venue, but local attrations and scenery, to better get a feel of the "atmosphere" the group will be experiencing. Many people travel specially to a diffrent country or area just to see Libera. Add this to the multicultural fan base, and we should start getting some very well-rounded people.

[Yorkie]

Add this to the multicultural fan base, and we should start getting some very well-rounded people.

So far as I can tell, I'm the only one so far

[paul]

Add this to the multicultural fan base, and we should start getting some very well-rounded people.

So far as I can tell, I'm the only one so far

Oh come on Yorkie, I think you are just being polite

[JimmyRiddle]

back to Warner http://www.gramophone.co.uk/classical-m ... abel-group

but for how long?... http://www.artsjournal.com/slippeddisc/ ... group.html

From my experience with Warner’s classical experience in recent years I sense they’ve hardly been interested since they shut down Teldec and Erato. I wouldn’t be surprised if they sell it on.