Word: emi
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...EMI could use some help. A lack of big hits - just as CD sales are falling off a cliff - has left its recorded music business out of tune. (Its sister publishing business, which licenses the use of tracks from a bulging back catalogue, is still a massive money-spinner.) Lacklustre sales from artists like the British singer Robbie Williams meant revenues tumbled 16% in the year to last April to $3.4 billion. But is a former Goldman Sachs trader with no experience in the music business the man to make EMI sing...
From the pack of assembled media that were waiting for him, to the protective arm of his bodyguards, Guy Hands must have come over all rock 'n' roll when he pitched up for a meeting with staff at his record company EMI on Tuesday. Hands, though, isn't an artist. His singing career hasn't gone beyond karaoke. And instead of cutting records with EMI - one of the world's leading music companies, and a home to musicians from Lily Allen to Coldplay via The Rolling Stones - he's more in the game of cutting costs...
...Business was brisk today. Hands, whose London-based private equity company Terra Firma picked up EMI for $6.5 billion last year, told his staff that as many as 2,000 of them would lose their jobs over the coming months as part of a plan to pare EMI's costs by around $400 million a year. More effort had to go into finding fresh acts, Hands said, as well as into getting more out of those the firm already has. Out will go diverse sales, marketing, manufacturing and distribution units, to be replaced by a single division. "We believe...
...taking on EMI is a different proposition altogether. Private equity firms, unlike the stars on EMI's books, prefer to toil in, well, private, dissecting a business well away from the glare of the media. Way before Hands took an axe to EMI's payroll, Terra Firma's management of the business was caught in the spotlights. Worried that Hands wouldn't know his A&R from his R&B, alt-rockers Radiohead severed ties with the label shortly after it was sold to the private equity firm, and took the radical step of allowing fans to download and name...
That's right. It was the sizeable profits from the Fab Four's record sales that a company called EMI (Electric and Musical Industries) invested in research, which led to the first commercially available CT scanner in the early 1970s. CT was a huge plus: It could image so many things in the body that were difficult, painful or simply impossible to see otherwise - brain tumors, spine problems, problems in the liver or lung. Nevertheless, in the '90s, CT scans were largely upstaged by the vastly more complex - but radiation-free - MRI scan. Overall, few docs would disagree that...