EMI accepts £2.4bn private equity bid | News | Guardian
EMI investors were hoping last night for a flurry of counterbids after the music group accepted a £2.4bn takeover offer from Terra Firma, the buyout vehicle of the City financier Guy Hands, with other private equity buyers and Warner Music waiting in the wings.
What do financiers know about music? Many of the great recordings went way over budget or were delivered very late. In those days many of the record companies were privately owned and at least some of the executives were musicians. I draw a parallel to radio here, which suffered a similar fate when it became big business. Innovation and creativity can be difficult when one has to explain it to a few thousand shareholders or a group of financiers… It’ll be very interesting to follow the fate of EMI. I have the 24th of February, 2008 marked in my calendar: that’s when EMI’s license expires and both “In the Arms of Love” and “The Santa Fe Sessions” revert to SSRI. Jon is re-mastering the original album and the new SSRI release of “In the Arms of Love” (Spring 2008) will contain a second CD with re-mixes and new versions.