NY Post: Is EMI Courting Steve Greenberg?
December 17, 2009 at 4:20 AM (PT)
THE NEW YORK POST is reporting that "EMI's precarious financial situation may cost it a lucrative distribution deal with red-hot independent label S-CURVE RECORDS. S-CURVE, which is home to such acts as CARE BEARS ON FIRE, DIANA BIRCH, JOSS STONE, FOUNTAINS OF WAYNE and others, has a distribution deal with EMI that expires in six months. According to a source with knowledge of S-CURVE boss STEVE GREENBERG's thinking, he is eager to leave EMI because 'its debt situation is fraught with risk,'" writes PETER LAURIA."
One of EMI's ideaas to keep GREENBERG in the fold, claims the report, is a potential executive role for him at CAPITOL RECORDS.
Sources also told THE POST that "SONY has talked to GREENBERG about joining EPIC RECORDS, which earlier this year replaced then-president CHARLIE WALK with songwriter AMANDA GHOST."
As for EMI's ongoing financial issues, CITIGROUP and EMI owner TERRA FIRMA have had continued tense conversations over restructuring $4 billion in debt. The bank has already said no to one proposal. If they can't come to some agreement and TERRA FIRMA defaults on its loan, CITIGROUP could take control of EMI and possibly complete the long rumored sale to WARNER MUSIC GROUP. THE POST also writes that ONE EQUITY PARTNERS is interested in EMI.