EMI at a turning point

The music titan is pumping out hits, focusing on its debt and the first quarter is up 'significantly'

By TheWrap May 3, 2010 8:31PM

The future of EMI, a decades-old music titan in the throes of survival mode, will be forged in the weeks to come. And to quote the firm's most bankable property: It's getting better all the time.


If the London-based conglomerate can get over the hump of an overdue debt payment and convince investors to buy into its five-year restructuring plan, all the doomsday predictions about the world's fourth-largest music company -- fueled by a recent exodus of major talent, including Paul McCartney -- will seem like so much hand-wringing.


The difference: EMI artists are doing great right now, from Lady Antebellum to Slash, and the company's market share has increased while the competition has slipped.


On top of that, insiders say, the turnaround plans of Terra Firma -- the British equity giant that bought the company three years ago -- are finally paying dividends.


"For the last 18 months, the suits are all gone, and EMI is now being run by music people," a financial analyst who's been closely watching events at the label told TheWrap. "And they are doing a good job."


Still in question: Is it good enough -- and in time -- to save the company that houses the catalog of the Beatles, Coldplay, Katy Perry and Kylie Minogue? 


Terra Firma seems to think so.


Read more at TheWrap.


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