EMI

The EMI Group is a British music company comprising the major record company EMI Music –which operates several labels, based in Kensington in London, England, United Kingdom– and EMI Music Publishing, based in New York. EMI Music is one of the "big four" record companies, making it among the largest in the world. EMI has been owned by Terra Firma Capital Partners since August 2007. Terra Firma bought EMI for £3.2 billion after a dramatic decline in sales, and announcement that EMI had made financial loss of £260 million in 2006/2007. At the same time, EMI's British market share dropped from 16% to 9%. Following the transition, several important artists walked out of EMI, including Radiohead. Sir Paul McCartney left ahead of the takeover. The Rolling Stones have signed a one-album deal outside of their contract with EMI which expired on February 2008. Guy Hands, the new owner of EMI, came with restructuring plans to cut 1500–2000 jobs to reduce costs by £200 million a year. In... full article at wikipedia