Well, well, well. Their back and with the exact same story that came out the same time last year. It seems kinda ridiculous that this company has gone through more mergers and take overs than you could shake a stick at but alas, now it seems like EMI might not have many other options to go through with.
After reading a couple of articles on the subject, I’ve come to find out that EMI CEO Guy Hands, might actually not make a horrible business decision and just give the keys to the city to their lender Citigroup. They still owe the company £2.5 or so billion to be out of Citigroup’s hold. If EMI does decide to give up and call it quits, the company will become available for purchase to some of the US buyers interested. Terra Firma originally paid £6.2 billion for EMI and the US buyers are offering up £1.1 billion and £400 million for the company. Talk about being dumped on. Even with inflation, that’s not a quarter of what Terra Firma originally spent on it. A source told the Guardian.Co.Uk, “It’s all very hush-hush, but we are talking about something that is likely [to] happen in the next four to six weeks.” Well if it’s gonna happen then it should happen soon. As an outside observer, this crap has been going on for too long. I understand there are loops holes in everything but damn… this is beginning to make me wonder if there are any smart people in the UK music world. It also makes me wonder who the hell ever thought of putting Mr. Guy Hands in charge of anything.