Thursday, February 3, 2011

"The fall of music giant EMI"

Read a tidy summary of the record label's decline and fall.

When did things start to go wrong?
Almost all commentators agree that EMI's problems started with its sale, for $6.5 billion, to private equity firm Terra Firma in 2007. The new owner's focus on cost-cutting and restructuring prompted the Rolling Stones, Radiohead, and Paul McCartney to leave the label in protest. But that was just the first of Terra Firma's miscalculations. "EMI stands for Electrical and Musical Industries," says Neil McCormick at The Telegraph. But recently, its employees have come to know it as "Every Mistake Imaginable."

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