Word: denon
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Dates: during 2000-2009
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...record label Nippon Columbia, Ripplewood's task was less to redefine the business than to get back to it. Over the years the company had simply stopped producing hits, relying for sales revenue on the albums of enka queen Hibari Misora?who died in 1989. Nippon Columbia owned Denon, an audio-equipment maker, and odd assets such as real estate and golf memberships. The staff was bloated, the headquarters stuffy, and the company had not turned a profit in 10 years...
...Collins hired a renowned industry talent, Strauss Zelnick, former ceo of BMG Entertainment, who in turn hired a respected Japanese record exec to scout for new pop and rock acts. Ripplewood spun off Denon and other noncore assets and slashed the staff. The building also underwent a makeover, with Sheryl Crow on video screens in the lobby alongside posters of young artists like Kiyoshi Hikawa and Charcoal Filter...
...record label Nippon Columbia, Ripplewood's task was less to redefine the business than to get back to it. Over the years the company had simply stopped producing hits, relying for sales revenue on the albums of enka queen Hibari Misora--who died in 1989. Nippon Columbia owned Denon, an audio-equipment maker, and odd assets such as real estate and golf memberships. The staff was bloated, the headquarters stuffy, and the company had not turned a profit in 10 years...
Collins hired a renowned industry talent, Strauss Zelnick, former CEO of BMG Entertainment, who in turn hired a respected Japanese record exec to scout for new pop and rock acts. Ripplewood spun off Denon and other non-core assets and slashed the staff. Even the building looks snazzier, with Sheryl Crow on video screens in the lobby alongside posters of young artists like Kiyoshi Hikawa and Charcoal Filter...
...good things have happened in Japan in the past couple of years--finally. Hundreds of companies like Nissan and Sega have taken Western-style restructuring to heart. The government is letting more companies fall under foreign control, including top financial institutions like Shinsei Bank and consumer-electronics maker Denon. U.S. firms have surpassed mighty Nomura Securities in domestic stock underwriting and merger advice. Corporate bankruptcies are more frequent, as are takeovers--sorely needed to clear away deadwood and reinvigorate competition...