Financial economics

  1. Universal Music Group, Mozes Engage Fans In Spanish

    April 26, 2010 12:00 AM EDT Universal Music Group is partnering with mobile marketing service provider Mozes for Spanish-language content and fan engagement tools. UMG is already a Mozes client, but will be using the Mozes Connect platform for direct-to-consumer promotions i ...

  2. Terra Firma To Ask EMI Investors For Much More

    April 20, 2010 12:00 AM EDT Guy Hands' Terra Firma Capital Partners plans to ask investors to put a further £360 million ($555 million) into EMI - three times the amount Terra Firma previously indicated would be needed to make up shortfalls against the loan covenants. A ...

  3. New Digital Media VC Fund Shows Hope Springs Eternal

    April 16, 2010 12:00 AM EDT Despite the tough conditions for digital media, entrepreneurs and investors continue to pour money into new ideas. On Wednesday, Greycroft Partners announced it will launch its second digital media fund. Greycroft’s first fund was launched in 2006 ...

  4. Entertainment Stocks Jump

    April 07, 2010 12:00 AM EDT Positive employment data released on Friday by the Labor Department helped boost entertainment stocks this week. The Labor Dept. said U.S. employers added 162,000 jobs in March - the biggest gain since December 2007 - and that the unemployment rat ...

  5. Chrysalis PLC Acquires First State Media Group Business

    April 01, 2010 12:00 AM EDT Chrysalis PLC has acquired the First State Media Group business, which operates under the brands of S2 Songs and State One Music in seven countries and controls a catalog with over 45,000 music copyrights. Those copyrights include Sheryl Crow' ...

  6. Report: EMI In Licensing Talks To Raise $601 Million

    March 22, 2010 12:00 AM EDT EMI is in talks to allow rival labels to manage its back catalog in order to raise funds and prevent a takeover from its lender, reported the Sunday Times. EMI, owned by Guy Hands' private equity group Terra Firma, is trying to put in place a ...

  7. Business Matters: WMG, EMI, Rhapsody, Sonos and more

    March 15, 2010 12:00 AM EDT - Over the weekend, The Telegraph reported that private equity firm KKR is in talks with Warner Music Group to break up EMI . KKR, which last year created a music publishing joint venture with Bertelsmann, is said to desire EMI’s music publishing ...

  8. KKR, Warner Music Eye Break-up Bid For EMI: Report

    March 15, 2010 12:00 AM EDT Private equity firm KKR and Warner Music Group are in talks to launch a break-up bid for Warner's indebted British rival EMI, reported the Sunday Times. The paper said KKR is interested in acquiring the music publishing arm of EMI, which it s ...

  9. Report: EMI Brings In Director

    February 26, 2010 12:00 AM EST EMI has appointed Peter Williams to the board of one of its holding companies, as its buyout house Terra Firma tries to sort out the loss-making record label's finances, the Daily Telegraph reported on Friday (Feb. 26). Williams, a former bos ...

  10. Owner Proposed Breaking Up EMI Group

    February 15, 2010 12:00 AM EST Terra Firma Capital Partners Ltd chairman and chief executive Guy Hands proposed three months ago to break up music company EMI Group Ltd, court documents filed in New York show. Hands made the proposal in a letter to Chad Leat, head of the altern ...

  11. NYC Pensions Helped Finance Terra Firma's EMI Deal

    February 12, 2010 12:00 AM EST While much attention is set firmly on whether or not Terra Firma's ownership of EMI will be torpedoed by the 2.7 billion pounds ($4.23 billion) it borrowed from Citigroup, the investment firm is not the only institution with funds at risk in ...

  12. EMI Posts Full-Year $2.48 Billion Net Loss

    February 04, 2010 12:00 AM EST EMI Group, at the centre of an acrimonious legal dispute between buyout house Terra Firma and Citigroup (C.N), posted a full-year 1.56 billion pound ($2.48 billion) net loss and said it needed more money to stay afloat. The deal by Guy Hands' ...

  13. Borders U.S. Shareholder: Bankruptcy Not Likely

    February 04, 2010 12:00 AM EST William Ackerman, CEO of hedge fund Pershing Square Capital, has said Borders U.S. is not a "likely bankruptcy." Ackerman, whose company is Borders U.S.' largest shareholder, also told CNBC's "Fast Money" show that he ...

  14. Business Matters: EMI, Citigroup, VC Funding, Stock Wrap and More

    January 11, 2010 12:00 AM EST Business Matters is a daily column that offers insight, analysis and opinion on the day's news. -- EMI passed the year-end test required by Citigroup , the bank behind Terra Firma's acquisition of the music company, according to a report ...

  15. Citigroup Says Not Seeking Buyers For EMI

    December 22, 2009 12:00 AM EST Citigroup said it was not seeking buyers for EMI, whose owners Terra Firma are suing the U.S. bank for billions of dollars in damages relating to its 2007 buyout. The statement came after the Observer newspaper reported on Sunday (Dec. 20) that Ci ...

  16. Update: Borders U.K. Files For Administration

    November 26, 2009 12:00 AM EST Borders U.K. called in the administrators - roughly equivalent to Chapter 11 bankruptcy protection - on Thursday (Nov. 26), joining a string of British high-street retailers that have fallen victim to the economic slump and tough competition. Admi ...

  17. Terra Firma Expects Citigroup To Share EMI 'Pain'

    November 19, 2009 12:00 AM EST Private equity firm Terra Firma expects Citigroup to share in the pain of restructuring music business EMI, according to Guy Hands, the buyout firm's founder and chairman. Citigroup, which holds EMI's debt of about £2.6 billion ($4.3 bil ...

  18. Citi Rejects Terra Firma's Latest Bid To Save EMI: Report

    November 16, 2009 12:00 AM EST Citigroup Inc recently rejected a proposal from Guy Hands' private equity firm Terra Firma Capital Partners to restructure the debt of music group EMI, the Wall Street Journal said on Monday. The buyout firm had offered to inject about £1 bil ...

  19. Shazam Passes 50 Million Users, Secures Investment

    October 14, 2009 12:00 AM EDT Mobile music discovery service Shazam has secured further investment as it announces that global users have now passed 50 million. The service is available in more than 150 countries and users have increased by 15 million since February 2009, the ...

  20. Twitter Gets New Round Of Funding, New Backers

    September 28, 2009 12:00 AM EDT Twitter has received $100 million in funding, valuing the company at $1 billion, according to a person familiar with the matter, as investors bet that the Web company's explosive growth will yield actual revenue or a lucrative deal. Investors ...

  21. EU clears Bertelsmann, KKR music rights JV

    September 09, 2009 12:00 AM EDT German media group Bertelsmann gained European Union regulatory approval on Wednesday for a joint music rights venture with private equity firm Kohlberg Kravis Roberts & Co. Bertelsmann, which will own 49% of the joint venture, will contribute ...

  22. Editorial: Give It Away

    August 17, 2009 12:00 AM EDT In 1980, I was in a band that was poised to go for it when one of the core members chickened out. With my dream on hold, I took a day job in venture capital that worked out better than I could have imagined. During the past 27 years, I have been a ...

  23. Borders To Receive Working Capital Injection After Buyout

    July 17, 2009 12:00 AM EDT Borders U.K. chief executive Philip Downer has ruled out store closures "in the near future," following the retailer's management buyout. Downer and finance director Mark Little led a buyout of the business, backed by Valco Capital ...

  24. Downer Leads Borders U.K. Management Buyout

    July 16, 2009 12:00 AM EDT Philip Downer, chief executive of Borders U.K., and finance director Mark Little have led a management buyout of the chain, backed by Valco Capital Partners (VCP). It follows the sale of five of the company's store leases to fashion retailer ...

  25. Iggy Pop Insurance Ad Criticized By Regulator

    April 29, 2009 12:00 AM EDT A U.K. TV commercial for car insurer Swiftcover.com featuring Iggy Pop has been criticized by the advertising regulator after it emerged that musicians could not get insurance with the company. However, Swiftcover.com has pre-empted a ban by annou ...

  26. Business Briefs: Terra Firma, Lucien Grainge, P2P, UMG

    April 20, 2009 12:00 AM EDT -- The Guardian questioned Terra Firma's financing of its deal with EMI, which came years after Guy Hands demonized debt securitization. The last of Terra Firma's blockbuster deals was its acquisition of EMI. Citigroup provided £2.6 bill ...

  27. AEG Prepared To Self-Insure Jackson Shows

    March 16, 2009 12:00 AM EDT AEG chief executive Randy Phillips has reportedly confirmed that the company would be prepared to self-insure Michael Jackson in the event of a shortfall in insurance coverage for all the singer's concerts. "We would be prepared to self- ...

  28. Iggy Pop Insurance Ad Courts Controversy

    February 24, 2009 12:00 AM EST Iggy Pop is at the center of a dispute over his involvement in commercials for U.K. car insurance company Swiftcover.com, after it emerged that musicians were unable to get cover with the company. As part of a £25 million ($36 million) car insuran ...

  29. Who Will the Financial Crisis Hit Next?

    December 31, 2008 12:00 AM EST Tribune Co. recently filed for Chapter 11 bankruptcy protection and National Amusements violated a debt covenant. The moves beg the question: Who, if anyone, could be next in the broader media and entertainment industry? The global financial crisi ...

  30. NYSE Warns Entravision

    December 17, 2008 12:00 AM EST Entravision Communications, operator of primarily Spanish-language radio and television stations, has received a warning from the New York Stock Exchange that its shares are trading below the average minimum required for listing on the exchange. T ...

  31. SBS Gets Another Shot With NASDAQ

    October 31, 2008 12:00 AM EDT Citing "extraordinary market conditions," Spanish Broadcasting System announced that NASDAQ won't be delisting SBS from its exchange for the time being. SBS, along with other companies, had been warned they would be taken off the NA ...

  32. SBS On Notice By NASDAQ

    August 28, 2008 12:00 AM EDT Hispanic media company Spanish Broadcasting System (SBS) received a written deficiency notice from the NASDAQ Stock Market, where SBS trades, stating it was not in compliance with NASDAQ's minimum bid price. SBS stock has traded at below $1.0 ...

  33. MasterCard Campaign Offers Free UMG Downloads

    July 03, 2008 12:00 AM EDT MasterCard this week launched a campaign with an extensive music component. As part of a new campaign dubbed "Roots of Rock" from New York ad agency McCann-Erickson the credit card maker is offering MasterCard holders free downloads from ...

  34. Brown Beefs Up Slicethepie Exec Team

    June 16, 2008 12:00 AM EDT Slicethepie has recruited Pandora Media managing director Paul Brown to drive the U.K.-based Web A&R-platform's business development and commercial partnerships. Brown, who joins the Slicethepie board as commercial director, will combine ...

  35. Universal France Goes Plastic With Credit Card Initiative

    May 23, 2008 12:00 AM EDT Universal Music and French bank Société Générale will launch on May 26 a co-branded credit card offering users access to numerous music services. The So Music card will be available to customers of Société Générale in France. In addition to the us ...

  36. Hastings Posts Record Q1 Income

    May 19, 2008 12:00 AM EDT Hastings Entertainment turned in its fifth consecutive quarter of earnings growth, posting almost $3 million in net income, or 28 cents per diluted share, on sales of $131.9 million, for the three month period ended April 30. The company said the ...

  37. Horowitz Joins Primary Wave

    April 28, 2008 12:00 AM EDT Robert Horowitz has joined Primary Wave Music Publishing as COO/head of business development. He was a director at Credit Suisse where he was the architect of Primary Wave's capital structure. Horowitz will oversee the company's business ...

  38. Aussie Promoter Dainty Expands Executive Team

    April 16, 2008 12:00 AM EDT Australian concert and theatrical producer Dainty Consolidated Entertainment (DCE) has signalled plans for growth to come over the next five years with the addition of two executives. Harley Evans takes over as executive director of touring from J ...

  39. Edge Group Defies Downturn

    April 14, 2008 12:00 AM EDT The Edge Group says it has defied the global credit crunch gloom afflicting the investment market by raising £21.5 million ($42.7 million) in the past year. Edge Performance VCT has now doubled the size of its funds under management to £40 million ...

  40. Edge Invests In Dorrell's Hear No Evil

    March 27, 2008 12:00 AM EDT The Edge Group's Performance Venture Capital Trust (VCT) is investing £1 million ($2 million) in a new live promotion company headed by David Dorrell, the veteran music producer and manager. Edge Performance is acquiring a 50% stake in Dorrel ...

  41. WMA, VCs, AT&T Launch Digital Investment Fund

    March 03, 2008 12:00 AM EST The William Morris Agency has teamed up with Silicon Valley venture capitalists Accel Partners and Venrock, as well as AT&T, to create an investment fund designed to back digital media startup companies. The $10 million-plus fund is targeted a ...

  42. Blue Equity Acquires Mgmt. Company For Jackson, Carter

    February 07, 2008 12:00 AM EST Private equity firm Blue Equity, LLC is broadening its scope with the acquisition of Management Group International, a entertainment management company that represents clients like Janet Jackson and Nick Carter. Former owner of MGI, Kenneth Crear, ...

  43. Summers Fronts Music Investment Vehicle

    February 06, 2008 12:00 AM EST Jazz Summers, chairman of the Music Managers Forum, is teaming with venture capital and advisory firm Power Amp Music to launch a tax-efficient investment vehicle with a view to developing U.K. artists. Summers and Tim Parry, co-founders of Big Li ...

  44. Balderton Capital Invests In Kobalt

    February 05, 2008 12:00 AM EST European venture firm Balderton Capital has invested $16 million in Kobalt Music Group. As part of the deal, the firm now holds a minority stake in the publishing company, and Balderton Capital partner Tim Bunting joins the Kobalt executive board. ...

  45. Trans World Receives Buyout Offer

    November 29, 2007 12:00 AM EST Sherwood Investment Overseas Ltd. has proposed paying $7 per share, or $217 million, to buyout Trans World Entertainment, the Zurich-based financial firm says. The company, which says it holds 1.5 million Trans World shares, says it is in the proc ...

  46. VC Dollars Grow In Entertainment Space

    November 28, 2007 12:00 AM EST Where there are people on the Internet, chances are there will soon be money. Social networking and user-generated content sites, online advertising optimizers, casual video games, and virtual worlds are not only attracting growing numbers of cons ...

  47. Terra Firma Conducting EMI Strategic Review

    October 30, 2007 12:00 AM EDT Private equity group Terra Firma, months after buying music company EMI, has launched a strategic review of the company but plans to keep it intact, a spokesman said on Monday. The spokesman, however, declined to give any further details about the ...

  48. BDMI Invests In RoyaltyShare

    October 22, 2007 12:00 AM EDT Bertelsmann Digital Media Investments (BDMI) is the latest strategic investor in RoyaltyShare, which provides royalty processing solutions and other Web-based services supporting the distribution and sale of digital music. BDMI invested $3 million ...

  49. Pensions Regulator To Step Into EMI Pension Talks

    October 18, 2007 12:00 AM EDT The Pensions Regulator said on Wednesday that the trustees of EMI's pension scheme had asked it to step in to adjudicate in talks with the music group's new private equity owner Terra Firma over scheme funding. The watchdog said the sche ...

  50. First State Media Acquires Wind-up Publishing

    October 16, 2007 12:00 AM EDT First State Media Group has acquired the music publishing subsidiaries of Wind-up Entertainment. The deal covers the existing Wind-up publishing assets, which include rights in songs by Evanescence and Creed. It does not include future Wind-up sig ...

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