Financial economics

  1. Warner Shares Reach 52-Week High as Acquisition Nears

    May 05, 2011 2:40 PM EDT Shares of Warner Music Group reached a 52-week high on Thursday upon news that Access Industries is nearing a deal to acquire the company. At midday trading on Thursday, shares stood at $7.83. Shares reached their 52-week high of $8.15 earlier in ...

  2. Warner Music Bids in With Board, Announcement Expected Friday: Sources

    May 04, 2011 7:20 AM EDT Bids for a likely $3 billion buyout of Warner Music Group are in with the company's board for review over the next couple of days, according to two people familiar with the process. Three parties are known to have put in bids for the world� ...

  3. Warner Music $3 Billion Buyout Could be Done this Week: Source

    May 02, 2011 7:13 AM EDT Final buyout bids for Warner Music Group are due on Monday and the company could be sold by the end of the week in a deal valued at over $3 billion, according to a person familiar with the matter. The third round of bids is led by two competing fi ...

  4. Business Matters: Music-Related Startups Raise $123 Million In First Quarter

    April 12, 2011 8:50 PM EDT Music-Related Startups Raise $123 Million In First Quarter -- The money started pouring back into digital music last quarter. Ten music and music-related startups raised $124.3 million in venture capital in the first quarter of 2011. Billboard tra ...

  5. Alan Tuchman, Alliance Entertainment CEO, Resigns

    April 12, 2011 3:00 PM EDT Alan Tuchman, who led Alliance Entertainment since 2003, has resigned from the CEO position and will leave the company at the end of the month. Platinum Equity and the Gores Group last September acquired the music and video wholesaler, which has a ...

  6. EMI To Be Sold By Citi As One Unit

    April 12, 2011 7:18 AM EDT Citigroup (C.N), which got control of the world's fourth-largest record company EMI from British financier Guy Hands in February, plans to sell the company as a whole, the New York Post reported, citing sources. EMI Chief Executive Roger Faxo ...

  7. Warner Board to Review Bids This Week

    April 11, 2011 7:34 AM EDT Warner Music Group's board is expected to review second-round bids for the company at a meeting in the coming week, a source familiar with the matter said. Up to 10 investors have put in bids ahead of the meeting, offering a range of valuatio ...

  8. Business Matters: Pirate Bay Claims 5 Million Registered Users

    April 06, 2011 5:39 PM EDT An Enormous Band of Pirates -- The five millionth user account was created at The Pirate Bay on Monday, according to TorrentFreak. For the world's most notorious BitTorrent site, a constant thorn in the side of music companies, five million m ...

  9. Wall Street Analysts, Investors Unenthusiastic About Possible Live Nation-Warner Music Union

    April 04, 2011 1:51 PM EDT While the stock market appears indifferent to Live Nation's bid for the Warner Music Group 's recorded music operation, Wall Street analysts and investors surveyed by Billboard over the past couple of days gave the potential deal a thumb ...

  10. Report: Myspace Bidding Starts Wednesday, Music Unit Planning New Products

    April 04, 2011 11:48 AM EDT Myspace and parent company NewsCorp will give interested bidders for the struggling social networking site access to its financials and other details beginning this Wednesday, according to a report in AllThingsD . While reports of "talks" ...

  11. Big Entertainment Stocks Post First-Quarter Gains

    April 01, 2011 7:35 AM EDT The opening quarter of 2011 saw the shares of a range of entertainment conglomerates hit new multiyear highs as double-digit gains for all sector biggies except Sony Corp. outpaced the broad-based S&P 500 stock index. The gains, led again by C ...

  12. IFPI 2011 Report: Global Recorded Music Sales Fall 8.4%; Eminem, Lady Gaga Top Int'l Sellers

    March 30, 2011 11:00 AM EDT Trade revenue generated by global recorded music sales totaled $15.9 billion in 2010, according to the International Federation of the Phonographic Industry's (IFPI) annual report. That represents a year-on-year decline of 8.4% compared to 20 ...

  13. Alliance Entertainment Acquires EDGE Entertainment Distribution

    March 11, 2011 3:34 PM EST Alliance Entertainment has acquired EDGE Entertainment Distribution in the first move of a planned roll-up of music and video wholesalers. Terms of the deal were not disclosed but Platinum Equity and the Gores Group, which financed the acquisition ...

  14. Business Matters: Twittering Bankers; Market to iPad 2: Meh

    March 03, 2011 7:06 PM EST Tweeting Bankers: Is JP Morgan Chase Investing in Twitter? -- Is JPMorgan Chase trying to invest in Twitter at an astounding $4.5 billion? Sort of. New York Magazine has a good explanation of the whole affair. JP Morgan is not going to make a dire ...

  15. WMG Businesses Receive More Than 10 Bids in Auction

    February 28, 2011 7:00 PM EST The Warner Music Group has received more than 10 bids in the first round of the auction being conducted on its behalf by Goldman Bros., according to Bloomberg News , who quoted anonymous sources. Sony ATV and BMG, the Berteslmann/KKR joint venture ...

  16. Retail Briefs: McNamee To Give NARM Keynote, Birdel's Records Shutters, March Is Metal Madness

    February 28, 2011 4:15 PM EST Elevation Partners' McNamee To Give NARM Keynote Address -- Elevation Partners' Roger McNamee will make the keynote address at the NARM Convention's "Digital Breakfast," to be held on the last day of the confab, which runs ...

  17. Is Terra Firma's Investment in EMI The Biggest-Ever Private Equity Loss?

    February 07, 2011 2:36 PM EST Terra Firma's £1.7 billion (US $2.7 billion) loss on its investment in EMI could be a private equity record, according to research by Private Equity News and Dealogic reported in Financial News . The article reads: "Forstmann Little wrot ...

  18. Now That Citigroup Has Taken Over EMI, What's Next?

    February 01, 2011 4:26 PM EST Citigroup's earlier-than-expected takeover of EMI Group and its recapitalization of the company's balance sheet effectively presses the fast-forward button on a resolution of the major label group's fate. The bank had been widely ex ...

  19. Citigroup Takes Over EMI

    February 01, 2011 11:36 AM EST Citigroup has acquired EMI Group and has recapitalized the major label group in a debt-for-equity swap, the two sides announced Tuesday. As a result, the company's debt has been reduced by 65% from £3.4 billion to £1.2 billion, and the compan ...

  20. EMI And Warner Music: Destined To Be Together?

    January 28, 2011 10:05 AM EST No matter what happens to EMI or Warner Music Group (WMG), it always seems that speculation about their respective fates is intertwined with that of the other. That was true during the protracted will-they-or-won't-they merger speculation tha ...

  21. Entertainment And Media Deals Lead 2010 Mergers and Acquisitions

    January 28, 2011 6:54 AM EST U.S. entertainment and media industry merger and acquisition activity rose slightly in 2010 when looking at the number of deals and outpaced the overall U.S. deal market, according to PricewaterhouseCoopers. However, the total value of completed i ...

  22. Warner Music and EMI For Sale? It Could Happen, Insiders Say

    January 21, 2011 12:00 AM EST All hell has broken loose in the music business: The Warner Music Group will be shopped while it prepares to buy EMI, should that company come up for sale, according to reports. Sources told The New York Times that the private equity firms that ow ...

  23. Warner Music and EMI For Sale? It Could Happen, Insiders Say

    January 21, 2011 12:00 AM EST All hell has broken loose in the music business: The Warner Music Group will be shopped while it prepares to buy EMI, should that company come up for sale, according to reports. Sources told The New York Times that the private equity firms that ow ...

  24. Warner Music Shares Soar On Sale Reports

    January 21, 2011 12:00 AM EST Shares of Warner Music Group surged nearly 23 percent on Friday on news that the world's No. 3 music company is up for sale. Warner Music has hired Goldman Sachs as an advisor to help with the process, a source familiar with the matter said o ...

  25. Warner Music Shares Soar On Sale Reports

    January 21, 2011 12:00 AM EST Shares of Warner Music Group surged nearly 23 percent on Friday on news that the world's No. 3 music company is up for sale . Warner Music has hired Goldman Sachs as an advisor to help with the process, a source familiar with the matter said ...

  26. Report: Warner Hires Goldman Sachs to Find Buyer (and Seller)

    January 20, 2011 12:00 AM EST Warner Music Group has hired investment bank Goldman Sachs to find a potential buyer for all or part of the company, according to a report by the New York Times' DealBook blog . Warner is said to have been approached in recent months by priva ...

  27. FanBridge Raises $2 Million, Acquires Damntheradio

    January 18, 2011 12:00 AM EST FanBridge raised $2 million in funding and has acquired B2B social marketing service Damntheradio for an undisclosed sum, according to a post on FanBridge's blog . The New York-based startup offers a fan management platform that allows artist ...

  28. The Twitter-Factor: 50 Cent's Stock Drops 36% After Rapper Stops Tweets

    January 13, 2011 12:00 AM EST Shares of H&H Imports, in which 50 Cent has a stake, gained on Monday after the rapper promoted the company via Twitter. But the stock fell Tuesday and Wednesday after 48 hours without tweets from the music star, the New York Post reported. Ov ...

  29. Business Matters: Terra Firma Close to Losing EMI, Reports Say

    December 13, 2010 12:00 AM EST Opinion and analysis of the day's music news. TERRA FIRMA COULD LOSE EMI BY CHRISTMAS -- Reports out of the U.K. claim Terra Firma could lose EMI by Christmas. The paper said Terra Firma chief Guy Hands has told investors to expect the worst ...

  30. Guys Hands Focuses On 'Next Deal'

    November 19, 2010 12:00 AM EST In his first public comments since losing a lawsuit against Citigroup over the EMI deal, Guy Hands said his buyout firm Terra Firma would have "looked like geniuses" if it had not bought EMI Group in 2007. He was speaking at the Nov. 18 ...

  31. Financier Hands Spars With Citi Lawyer In Court

    October 22, 2010 12:00 AM EDT Financier Guy Hands, who accuses a onetime friend at Citigroup Inc of lying to him about bids for EMI music company, sparred in court on Friday under cross-examination about why he did not call the banker to clear the air. Hands, the head of Europ ...

  32. Hands Recalls Banker, Biscuits On Eve of EMI Bid

    October 20, 2010 12:00 AM EDT Chocolate biscuits and a disputed telephone conversation with a Citigroup Inc banker friend -- that is all the detail British buyout house boss Guy Hands said he could remember on Wednesday about a board meeting the day before his ill-fated May 20 ...

  33. No Paper on Key Citigroup Calls, Hands Tells Trial

    October 20, 2010 12:00 AM EDT Terra Firma buyout house chief executive Guy Hands testified on Wednesday he had no paper trail to support his allegations that a Citigroup Inc banker friend lied to him in three May 2007 phone calls about bidding for iconic music company EMI. Ask ...

  34. False Assumption Led To EMI bid, Hands Testifies

    October 19, 2010 12:00 AM EDT Guy Hands bid for storied music company EMI in 2007 based on false statements from a Citigroup banker that there was a rival offer he had to beat, the British financier told a jury on Tuesday. Hands, who founded Terra Firma Capital Partners, took ...

  35. New York Jury Asked To Identify Lies In EMI Dispute

    October 18, 2010 12:00 AM EDT A New York jury was asked on Monday to decide who may have lied in a dispute over a Citigroup-backed, $6.4 billion buyout of legendary music company EMI by British financier Guy Hands in 2007. The outspoken Hands and his onetime Citigroup banker f ...

  36. Terra Firma's Hands in NY Trial Battle vs. Citi

    October 18, 2010 12:00 AM EDT A fraud claim by British financier Guy Hands against Citigroup Inc over his $6.4 billion buyout of legendary music company EMI in 2007 went to trial in New York on Monday (Oct. 18), the two sides apparently unable to settle their dispute out of co ...

  37. EMI Reaches Deal On Pension Fund

    October 15, 2010 12:00 AM EDT EMI Group has reached a funding agreement with the Trustees Board of the company pension fund. In a statement, EMI said a multi-year payment plan has been agreed to provide £197 million ($316 million) in additional funding including an immediate £ ...

  38. @MEL: Shazam Funder To Music Labels: Don't Be Greedy

    October 05, 2010 12:00 AM EDT Music labels needs to get apps into users' hands and stop getting hung up on licensing fees, said Matt Murphy, partner at Kleiner Perkins Caufield & Byers. Their $200 million iFund has invested in 15 iPhone apps including Shazam, a hit mu ...

  39. CAA sells 35% stake to TPG Capital

    October 01, 2010 12:00 AM EDT CAA has sold a 35% equity stake to private investment firm TPG Capital in a transaction expected to help the powerhouse talent agency further build its sports business and monetize the stakes of the partners who own and run the business. TPG has i ...

  40. Business Matters: Barry Diller, Live Nation, Android, Dr. Dre and more

    October 01, 2010 12:00 AM EDT Opinion and analysis of the day's music news. Diller's Impact On Live Nation Stock Price -- Live Nation’s stock has been surprisingly quiet since news broke that Barry Diller will resign as the company’s chairman. The company’s stock clo ...

  41. With Mobile Apps, VCs Becoming More Selective

    September 16, 2010 12:00 AM EDT Mobile apps are exploding across all platforms, and venture capitalists are getting increasingly selective about which companies and services they’ll back. That’s the upshot of a panel at the AppNation conference taking place in San Francisco this ...

  42. Citigroup Faces Trial Over EMI Auction

    September 15, 2010 12:00 AM EDT Terra Firma Capital Partners Ltd can proceed to trial against Citigroup Inc in their dispute over Terra's 2007 acquisition of music group EMI, a federal judge ruled. The buyout house alleges in its lawsuit that Citigroup inflated the price of ...

  43. EMI Dispute Ruling Due Sept. 15

    September 13, 2010 12:00 AM EDT Citigroup Inc and Terra Firma Capital Partners Ltd will know by Sept. 15 whether their dispute over the buyout house's 2007 acquisition of music group EMI will proceed to trial, a U.S. judge said. Lawyers for Citigroup argued in Manhattan fed ...

  44. Private Groups Acquire Alliance Ent.

    September 01, 2010 12:00 AM EDT Alliance Entertainment, the second largest music wholesaler in the United States, has been acquired by two private equity firms, Platinum Equity and the Gores Group. Financial terms of the transaction were not disclosed. Alliance Entertainment is ...

  45. Dimensional Completes Acquisition of The Orchard

    July 29, 2010 12:00 AM EDT Dimensional Associates announced on Thursday the completion of its acquisition of digital distributor The Orchard. The company entered into a merger agreement with Dimensional on March 16. At the time, Dimensional owned 42% of The Orchard's c ...

  46. Mid-Year Investments Wrap: Download, Streaming Services Lead the Way

    July 14, 2010 12:00 AM EDT There wasn't exactly a windfall of investments flowing to music-related startups in the first half of 2010, but they are still attracting investors' interest. There were 30 investment deals in the first half of 2010, according to Billboa ...

  47. Business Matters: Roger Faxon, EMI, VC Funding, Price Wars and more

    June 22, 2010 12:00 AM EDT EMI'S DEDICATION TO A&R -- After Roger Faxon was named head of EMI Music , some people in the business press were under the impression that EMI would become either more committed to publishing or less committed to new artist development. ...

  48. JPMorgan Shopping Bug Music

    June 02, 2010 12:00 AM EDT Bug Music, which has about $26 million in net publisher's share, is being shopped through an auction process, according to sources. The company's proposed sale, first reported in this morning's New York Post , has already been throu ...

  49. EMI Notes: Pension Controversy Back, Questions About Citi's Intentions

    May 17, 2010 12:00 AM EDT -- EMI 's pension fund has been a cloud hanging over Terra Firma since the private equity firm acquired the music company. Now, Britain's pension regular is calling on Terra Firma to fill a £250 million gap in funding . Extra payments in ...

  50. Report: Terra Firma Secures EMI Funds

    May 11, 2010 12:00 AM EDT EMI Group owner Terra Firma Capital Partners has reportedly secured investors' approval to raise £105 million ($156 million), to avoid a breach of the major's loan covenant with Citigroup. Terra Firma needed the support of 75% of its inv ...

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