Terra Firma Seeks $170 Million to Keep EMI Afloat
Published Feb 04, 2010It's no secret that many major record labels are in the midst of hard times due to a number of reasons. While the finger is generally pointed at illegal downloading, there are multiple sides to the debate, and really, it could go on forever.
The world's fourth-largest label, EMI Music might not have that long though. Created in 1931, the major is under a watchful eye as the company progressively slips into the red.
Several reports are coming in from around the globe (which are neatly compiled at The Daily Swarm) documenting how, after a particularly rough year, the label's private equity firm Terra Firma is seeking to raise almost $170 million Canadian to keep EMI afloat.
Over the past two years, thousands of jobs have been cut, and as noted in a recent report by the Press Association in the UK (where the label's head offices are located), EMI has suffered a pre-tax loss of £1.75 billion pounds (just under $3 billion Canadian) in the year ending February 2010.
In an unrelated issue, R&B singer Joss Stone is so desperate to leave the label, after claiming they have no working relationship, that she's offered to forfeit about $3.5 million if they'll let her go. There's part of it right there, guys!