UPDATED: More Trouble at EMI?

Posted by Dan Rodriguez on Fri, May 29, 2009 at 11:08 am

Gloom And Doom

emiThe Wall Street Journal is reporting EMI could be looking at more tough times, as owner Terra Firma Capital has invested an additional $45 million in the label group, the second time it has had to re-invest in the last six months.

This additional capital will keep EMI within the terms of its debt agreements. Despite EMI’s insistence on having a plan to turn around this year, news has not been great as CFO Chris Kennedy left his position and another round of merger rumors with Warner Music Group has started.

UPDATE: An anonymous source from EMI tells Metal Insider that an internal company memo was sent today easing employees’ concerns. Allegedly the message says that EMI’s debt does not have the traditional loan covenant model, and the re-investments from Terra Firma were planned and all within forecasted amounts.

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  • http://www.dgmetal.org The Daily Grind

    EMI can’t be in too much trouble if Terra Firma has no problem shoveling cash in there.

  • Joe Resse

    The problem with any record labels that aren’t doing well (all of them) is that MTV and every other video station doesn’t promote music while INSTEAD showing reality programs. Who else has the guts to admit that?

  • Pingback: Sony Music Looking At EMI Again? | Metal Insider

  • Did you love hearing Anvil’s new song “Mankind Machine”? Then stream the Canadian thrashers’ new album Hope In Hell in its entirety before it’s released on May 28 over at Loudwire.

  • Kylesa’s new album, Ultraviolet, is streaming online at Pitchfork. Check out the album, as well as some pretty awesome visuals, here. The album will come out on May 28 on Season of Mist.

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  • Louna has premiered a new music video for the song “Business” with Crave Online. The extravagant and politically themed music video comes in support of  the Russian hard rock group’s new album, Behind The Mask, available now via Red Decade Records and MEG/RED.


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