This story was written by Digital Music News.
Is EMI Music getting closer to the edge? That is the growing consensus, based on a souring loan situation. The latest to pile on is the Wall Street Journal, whose researchers recently sank their claws into this distressed darling. Most of the facts are review - pending defaults, a major focus by Guy Hands to refinance an existing debt tranche, and serious internal turmoil and artist alienation.
But a few lesser-known bits also surfaced in the lengthy report. Among them is that EMI.com is a ‘pet project’ of Guy Hands, the pressure on an upcoming, November release by Robbie Williams, an ongoing lawsuit to retrieve a $1.9 million advance to Joss Stone, and a last-ditch attempt by Hands to keep the Rolling Stones. Also, according to the report, EMI chief Elio Leoni-Sceti is now actively recruiting newer acts, on both sides of the Atlantic.
Incidentally, EMI Music Publishing was also discussed for its relative stability, a perspective often lost in the broader mess.
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By Digital Music News