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Since then, the company's finances have improved marginally. The record division made nearly $250 million in underlying profit in the fiscal year 2009, while the company's music-publishing arm, which oversees songwriters, generated $208 million. Both profits, though, were wiped out by massive write-downs, which created a largely paper loss of $2.4 billion. "With that level of debt in the business, the reality is that EMI is now almost worthless," says Simon Dyson, editor of the London-based industry newsletter Music & Copyright. (See the 100 best albums of all time...
Meanwhile, one possible buyer lurks on the sidelines: Warner Music, the third largest record company in the world. CEO Edgar Bronfman has long coveted EMI, but mutual intransigence has thus far prevented a merger. Some Terra Firma officials fear that Citigroup simply wants to "flip" EMI by making a quick sale to Warner - a plan Citigroup denies. In its present state, however, EMI's future as an independent company is far from certain. "The trouble is that the future of EMI would look quite good if it wasn't for all the debt," Dyson says. "But it doesn't look...
...says one insider. "They've since closed that gap somewhat, but that emphasis early helped us get and maintain our lead.'' Baidu has also introduced a question-and-answer service called "Baidu Knows," which is a hit. And the company just won a big legal battle when a popular music-download function it offers was cleared of copyright infringement by a Beijing court. The complaint had been brought against Baidu by major Western music labels...
What do you think of the current music scene...
...exacerbate the lack of internationally-focused content from its pages. In a year on the arts board, I am the only South Asian writer of any nationality that I can recall and one of precious few foreigners—surely this goes somewhere to explaining why foreign films and music are rarely featured in the Arts supplement. Similarly, the international affairs content on the editorial page, such as it is, can be ill-informed; take, for instance, the many op-eds written by American students after the Nov. 2008 terror attacks that variously and falsely suggested that Indian Muslims...