Report: Pink Floyd, Queen Want To Leave EMI
March 10, 2010 at 4:29 AM (PT)
PINK FLOYD and QUEEN are reportedly considering exiting EMI, writes BUSINESSWEEK.COM. The bands have been with EMI MUSIC for about four decades, but BUSINESSWEEK reports they may leave -- based on "two people familiar with their talks, as concern mounts about the U.K. record label’s finances. The bands have met with other major record labels about leaving, said the people, who spoke on condition of anonymity because the discussions are private."
TERRA FIRMA CAPITAL PARTNERS purchased EMI for $6 billion (4 billion pounds) in 2007, has until JUNE to convince the firm’s investors to inject new capital to keep EMI afloat. Without that funding, EMI may end up in the hands of creditor CITIGROUP INC. and may merge with a rival, analysts said.
"This is how a company implodes," said CLAIRE ENDERS, a former EMI executive and the head of ENDERS ANALYSIS LTD., a LONDON-based music and entertainment research firm.
NEIL BENNETT, a spokesman for LONDON-based EMI, the world’s fourth-largest record company, declined to comment for BUSINESSWEEK's story.