EMI Saved From CITIBANK Control
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As it was about to become another company swallowed up by Citibank, EMI was saved by Guy Hands and his Terra Firma company.
In order to save EMI from Citibank, EMI leader Guy Hands had raised $105 million with fundraisers, that couldn’t have come at a better time. EMI reportedly owed Citibank $120 million, but with the money raised, they seem to be satisfied. The investment made by Hands also saved EMI from almost being taken over by Warner, as they have tried to in the past, but always ended up backing out. As long as EMI can be kept away from the disease of big business corporations, it doesn’t matter what investments need to be made.
Some major bands on the label, which would probably be affected if the company had been bought, are Coldplay, The Beatles, and Gorillaz. With huge corporations buying and running everything nowadays, it’s hard to find anything even semi-pure. The music business has been messed up for a long time, but as more time goes on, it seems things hardly get any better. EMI will stay as it is if Guy Hands has anything to do with it, and it’s more than obvious he’s ready to stand his ground.
Posted on 05/23/10
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Back To Blog - Tags: CITI, Coldplay, Editorial, EMI, Gorillaz
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