13 January, 2008

EMI To Cut Jobs

The Associated Press:
"British music giant EMI Group PLC is preparing to cut up to 2,000 jobs, or about one-third of its work force, as part of a contentious restructuring plan being prepared by the group's new owner, Terra Firma Capital Partners, reports said Sunday.

The Sunday Telegraph said most of the cuts would be made in marketing, and The Sunday Times said that Guy Hands, the equity group's chief executive officer, wanted to drop thousands of artists from EMI's roster.

Terra Firma bought EMI, which has the Beastie Boys, Coldplay, the Rolling Stones and Kylie Minogue on its books, for 2.4 billion pounds ($4.9 billion) in August."

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