EMI faces restricted budgets and job cuts

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	EMI faces restricted budgets and job cuts

wjbuntz

12-30-2007 10:51 PM

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tags:

artists, music, music label, budgets, job cuts

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/1973183d-aff7-4cab-b50c-2e0db1d56965/35DE5BD1-5B74-4019-9545-FBDCEEFD2CF8/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.ft.com/cms/s/0/64d22020-b6f8-11dc-aa38-0000779fd2ac.html" href="http://www.ft.com/cms/s/0/64d22020-b6f8-11dc-aa38-0000779fd2ac.html" style="font-size: 11px;">www.ft.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.ft.com/cms/s/0/64d22020-b6f8-11dc-aa38-0000779fd2ac.html"><P><B><A href="http://markets.ft.com/tearsheets/performance.asp?s=uk:EMI" symbol="uk:EMI" linkindex="14">EMI</A></B>’s new private equity owners are enforcing tight restrictions on new artist signings and marketing budgets in an attempt to impose stricter discipline in the traditionally profligate music industry.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.ft.com/cms/s/0/64d22020-b6f8-11dc-aa38-0000779fd2ac.html"><P>The moves are likely to be followed by job losses among the UK music group’s 5,500-strong workforce later in 2008.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.ft.com/cms/s/0/64d22020-b6f8-11dc-aa38-0000779fd2ac.html"><P>People who have been briefed on Terra Firma’s plans expect the axe to fall more heavily on the overlapping marketing and administrative bureaucracies of individual labels than on creative “A&R” talent scouts.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.ft.com/cms/s/0/64d22020-b6f8-11dc-aa38-0000779fd2ac.html"><P>The cost clampdown is essential for Terra Firma to meet the ambitious targets it set when it completed its takeover of EMI in August for £4bn ($7.9bn) including debt.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.ft.com/cms/s/0/64d22020-b6f8-11dc-aa38-0000779fd2ac.html"><P>The new approach could trigger further unrest among artists and their managers in the new year, when the private equity group led by Guy Hands is due to announce details of his plan for the struggling music company to staff.</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/35DE5BD1-5B74-4019-9545-FBDCEEFD2CF8/blog/" title="blog or email this clip"><img src="http://content8.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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