The battle for EMI appears to be over, as the company has accepted a takeover bid by private equity firm Terra Firma for 2.4 billion pounds, or about $4.7 billion.
EMI has long flirted with Warner Music Group, since 2000.
So, no more short term consolidations of this size in the music industry ? Or is it a strategic move to gain momentum and afford to be even more flirtatious on the music scene ?
NEWSREEL
2007-05-22
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Here's funny little list of ways in which major label EMI will change after being acquired by the suits at private equity group Terra Firma, from someone who used to work at the label... ;D
10. Cocaine will now be amortized over 4 quarters instead of expensed in the quarter snorted
9. Remixing budgets to be renamed as "B Rounds"
8. Tour support will be funneled through the Cayman Islands
7. Recording contracts to now be called "subscription agreements" and will include full ratchet anti-dilution
6. Artist royalties to now have hurdle rates
5. Promos to be called "red herrings"
4. Bands won’t be dropped, they’ll be spun out to the original shareholders
3. Hip-hop artists will openly boast about the size of their "tranches"
2. Promotion men will hype radio stations by claiming new releases are "upper quartile"
1. Staff lay-offs will be called “involuntary redemptions”
Bonus: Demo tapes out, pro-forma business plans in
All in all, the meat of the survey is pretty predictable, and for those who have been following Orange County equity investment environment - it should not be suprising. But more importantly, the survey does confirm that United States still needs to go a long way in developing its judicial system toward protection of rights as well as dealing with the tedious bureaucracy of doing business.
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