Terra Firma

Report: Investors Back $495M Refinancing Plan for EMI

Authored by Mark Hefflinger on July 30, 2009 - 8:14am.
London - Major record label EMI is set to receive $495 million in equity, through a deal worked out by parent company Terra Firma and its investors as a means of refinancing EMI's $4.3 billion debt, the Financial Times reported. Terra Firma, which acquired EMI for about $4.7 billion in 2007, is said to be working with Barclays, JP Morgan and Morgan Stanley on a plan to raise equity to repay Citigroup -- which helped finance Terra Firma's acquisition.

FT: Terra Firma in Talks to Sink Another $486M Into EMI

Authored by Mark Hefflinger on July 13, 2009 - 7:00am.
London - Terra Firma, the private equity firm that acquired major record label EMI in 2007 for $4.7 billion, is in restructuring talks with Citigroup that could see the label receive up to $486 million in new equity financing, the Financial Times reported. One source told FT that Citigroup, which financed the acquisition with around $4.9 billion in loans, is "not close to agreeing to write off a large chunk of EMI's debt and that a deal remained highly uncertain."

WSJ: Terra Firma Sinks Another $45 Million Into EMI

Authored by Mark Hefflinger on May 29, 2009 - 9:28am.
New York - Private equity firm Terra Firma has provided an additional $45 million in new financing to struggling major record label EMI Group, the Wall Street Journal reported on Friday, citing people familiar with the matter. Terra Firma, which is run by financier Guy Hands, acquired EMI Group in 2007 for $4.7 billion.

EMI Music Names Elio Leoni-Sceti as New CEO

Authored by Mark Hefflinger on July 7, 2008 - 8:07am.

London - Major record label EMI announced on Monday that it has named Elio Leoni-Sceti, former executive vice president of Europe for consumer brand company Reckitt Benckiser, as its new chief executive of EMI Music. Entrepreneur Guy Hands, who has served as CEO since his private equity firm Terra Firma acquired EMI for $4.7 billion last May, will step back to become non-executive chairman of EMI.

Stones Deny Report They Will Leave EMI for Live Nation

Authored by Mark Hefflinger on June 16, 2008 - 9:35am.

London - A representative for the Rolling Stones has denied a report in the U.K.'s Observer over the weekend that the band will end its 30-year relationship with major label EMI and sign a new deal with concert promotion giant Live Nation (NYSE: LYV), Reuters reported. "We are not in talks with Live Nation in connection with any record deal," band spokesman Bernard Doherty said in a statement.

Report: EMI Plans Up to 1,000 Additional Job Cuts

Authored by Mark Hefflinger on May 13, 2008 - 9:42am.

London - U.K.-based major record label EMI, which under new owner, Guy Hands' Terra Firma, has already announced 1,500 to 2,000 layoffs at its recorded music division, now plans to eliminate an additional up to 1,000 positions, bringing the company's total headcount from around 4,500 to 2,000, The Telegraph reported, citing sources.

EMI Restructuring Plan Includes up to 2,000 Layoffs

Authored by Mark Hefflinger on January 15, 2008 - 8:38am.

London - Major record label EMI Group on Tuesday announced a major restructuring, that will see between 1,500 and 2,000 of the company's 5,500 employees let go, and other initiatives the company says will reduce costs by $393 million annually. "We have spent a long time looking intensely at EMI and the problems faced by its Recorded Music division which, like the rest of the music industry, has been struggling to respond to the challenges posed by a digital environment," said EMI chairman Guy Hands, whose private equity firm Terra Firma acquired EMI last year for $4.7 billion.

Report: EMI Parent Close to Selling 15% Stake for $513 Million

Authored by Mark Hefflinger on November 30, 2007 - 8:54am.

London - Terra Firm, the private equity firm that acquired major record label EMI for $4.7 billion, is close to selling a 15% equity stake in the company for about $513 million, the Times Online reports.

EMI Seeks to Reduce RIAA, IFPI Membership Fees

Authored by Mark Hefflinger on November 29, 2007 - 11:45am.

London - Major record label EMI, which was recently acquired by private equity firm Terra Firma, is considering leaving record industry trade groups including the Recording Industry Association of America (RIAA) and International Federation of the Phonographic Industry (IFPI), as a means of cutting costs, Reuters reported.

tags: Music | RIAA | IFPI | EMI | Terra Firma |

Top Execs Eric Nicoli, Martin Stewart Step Down at EMI

Authored by Mark Hefflinger on August 29, 2007 - 11:52am.

London - Fresh off of its $4.8 billion acquisition of major record label EMI Group, private equity firm Terra Firma has replaced the two top executives at the company, CEO Eric Nicoli and CFO Martin Stewart.

EMI Shareholders Accept $4.8 Billion Buyout Offer from Terra Firma

Authored by Mark Hefflinger on August 1, 2007 - 11:03am.

London - Major record label EMI Group announced that its shareholders have approved a $4.8 billion buyout offer from private equity group Terra Firma.

Warner Music Opts Against EMI Bid; Terra Firma Offer Encouraged

Authored by Mark Hefflinger on July 18, 2007 - 1:47pm.

New York - Warner Music Group has decided not to make an offer for fellow major record label EMI, ending a long-running courtship and leaving EMI shareholders to deal with a rival $4.9 billion bid from private equity firm Terra Firma that the company accepted several months ago.

EMI Accepts $4.7 Billion Buyout From U.K. Private Equity Firm

Authored by Mark Hefflinger on May 21, 2007 - 12:22pm.

London - Major record label EMI announced on Monday that it has accepted a buyout offer of about $4.7 billion from British private equity firm Terra Firma.