EMI May Be For Sale, HQ Shift To LA
According to London’s Evening Standard Terra Firma’s Guy Hands is said to be open to offers to unload his record division and hold onto the more lucrative publishing arm. He also is considering consolidating US operations in LA rather than the current NYC. Its all part of move to help investors recoup some of the almost $5 billion they paid for EMI rather than ask them to be patient through what Hands sees as a long term turn-around.
None of these rumors will make EMI’s now 8 month old search for a new CEO or other turnaround efforts an easier. Who – whether executive or artist – wants to join an team with such an uncertain future? (more: Daily Swarm)