Primary dealers

  1. Publishing Briefs: Kobalt to Invest $100 Million in Advances, Copyrights

    October 09, 2012 7:47 PM EDT Kobalt to Invest $100 Million in Advances, Copyrights The Kobalt Music Group, via funds raised by Kobalt Capital Ltd, plans to invest $100 million over the next 12 months in paying advances and buying copyrights. Through its subsidiary Kobalt Capi ...

  2. IFPI 2012 Report: Global Music Revenue Down 3%; Sync, PRO, Digital Income Up

    March 26, 2012 9:28 AM EDT Trade revenue generated by the global recorded music industry in 2011 dropped by 3% to $16.6 billion, according to the International Federation of the Phonographic Industry's (IFPI) annual "Recording Industry in Numbers" report, pub ...

  3. It's Official: Sony-Led Group Purchases EMI Music Publishing for $2.2 Billion

    November 11, 2011 6:38 PM EST It's official: An investment group led by Sony Corp. has signed a definitive purchase agreement to acquire EMI Music Publishing for $2.2 billion from Citigroup. In addition to Sony Corp. of America, the investment group is comprised of the es ...

  4. 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 ...

  5. 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 ...

  6. 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 ...

  7. How Citigroup Outfoxed Guy Hands In Its Takeover Of EMI

    February 03, 2011 2:15 PM EST While press reports on Citigroup's takeover of EMI are rife with phrases about how the bank "seized control" (New York Post) in a "surprise move" (Los Angeles Times) that apparently caught Terra Firma chairman Guy Hands of ...

  8. 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 ...

  9. 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 ...

  10. 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 ...

  11. Warner Selling Publishing To Buy EMI Without Regulatory Scrutiny, Sources Say

    January 21, 2011 12:00 AM EST A person familiar with the matter says Warner Music Group's search for a buyer of its publishing arm, Warner/Chappell, is partly intended to clear a path for it to buy all of British recording giant EMI. The person wasn't authorized to s ...

  12. 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 ...

  13. Report: Facebook will disclose financials in '12

    January 06, 2011 12:00 AM EST Facebook will be forced by law to start coughing up details of its financial performance or go public by April 2012, according to a published report. The Wall Street Journal reported Thursday that privately held Facebook Inc. plans to cross the 50 ...

  14. 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 ...

  15. 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 ...

  16. Business Matters: Terra Firma, Tammy Genovese, Pandora and more

    November 01, 2010 12:00 AM EDT Opinion and analysis of the day's music news. How Much Could Terra Firma Be Awarded In Lawsuit? -- The Wall Street Journal humorously downplays the impact of huge – but reduced – potential damages in Terra Firma’s lawsuit against Citigroup. L ...

  17. Citi Banker In Trial Over EMI Says Truthful To Hands

    October 25, 2010 12:00 AM EDT Citigroup Inc banker David Wormsley, testifying in a civil fraud trial pitting the word of Terra Firma private equity chief Guy Hands against his, said on Monday he was "always truthful and honest as I could be" with Hands. Wormsley wrot ...

  18. 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 ...

  19. 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 ...

  20. 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 ...

  21. Terra Firma vs. Citi Day 2: Did Allegedly False Info Lead To Inflated EMI Price?

    October 19, 2010 12:00 AM EDT In the second day of the Terra Firma/Citigroup trial in New York, lawyers for the plaintiff tried to show how allegedly false information provided by Citigroup helped to stampede the private equity firm into paying an inflated price of 4 billion p ...

  22. 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 ...

  23. Terra Firma vs. Citi: Trial Opens With Battle of Dueling Timelines

    October 18, 2010 12:00 AM EDT The first day of testimony in Terra Firma's lawsuit against Citigroup began as a battle of dueling timelines. In questioning Terra Firma's Tim Pryce, who is currently CEO for the investment firm but was general counsel at the time of its ...

  24. 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 ...

  25. 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 ...

  26. Culture Convenience Club Nixes HMV Japan Deal

    June 30, 2010 12:00 AM EDT The Tokyo-based retail CD and DVD rental giant Culture Convenience Club (CCC), which operates the industry-leading chain Tsutaya, has annulled its purchase of the HMV Japan chain of retail music stores. On March 25 CCC announced that it would purc ...

  27. EMI Confirms Terra Firma Equity Cure

    May 14, 2010 12:00 AM EDT EMI has confirmed that it will receive "additional sums" from Terra Firma and its investors - thought to be £105 million ($153 million) - that will avoid a breach of the major's loan covenant with Citigroup. Maltby Capital, the inve ...

  28. 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 ...

  29. 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 ...

  30. Culture Convenience Club Buys HMV Japan

    March 29, 2010 12:00 AM EDT The Tokyo-based retail CD and DVD rental giant Culture Convenience Club (CCC), which operates the industry-leading chain Tsutaya, is to purchase the HMV Japan chain of retail music stores. CCC announced that it will purchase the company from curre ...

  31. Ruling By End March In EMI Deal Dispute

    March 05, 2010 12:00 AM EST A U.S. judge said he would rule by the end of March on whether or not to grant a request by Citigroup Inc to move a lawsuit by Terra Firma Capital Partners Ltd to London in a dispute over the buyout house's acquisition of EMI. Terra Firma cha ...

  32. 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 ...

  33. 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' ...

  34. Guy Hands Orders New EMI Strategic Plan, Huge Loss Expected

    February 04, 2010 12:00 AM EST Guy Hands has asked EMI Music chief executive Elio Leoni-Sceti to draw up a new plan for the recorded music company, in order to persuade Terra Firma investors to inject a reported £100 million ($158.5 million) of additional investment. The Financ ...

  35. Report: Citigroup Moved For EMI

    December 18, 2009 12:00 AM EST According to the Financial Times, Citigroup tried to take control of EMI before Terra Firma launched a legal action against the bank. The paper reports that in September Citigroup proposed a debt-for-equity swap that would have given the bank a ma ...

  36. Citigroup Sued By Terra Firma Over EMI Deal

    December 14, 2009 12:00 AM EST Private equity firm Terra Firma sued Citigroup Inc, accusing the bank of fraud in connection with Terra Firma's purchase of music business EMI Group in 2007, court documents filed in New York showed. Terra Firma accuses Citigroup of driving u ...

  37. 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 ...

  38. 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 ...

  39. Briefs: Live Nation-Ticketmaster, Anti-Piracy In Sweden

    July 14, 2009 12:00 AM EDT -- The UK Competition Commission, an independent public body that investigates mergers and regulated industries, announced yesterday it is looking into the Live Nation-Ticketmaster merger. “If the inquiry group considers that the merger may be exp ...

  40. Amazon Q1 Sales Up 18%

    April 24, 2009 12:00 AM EDT Amazon.com Inc. has posted Q1 results showing net sales up 18% from $4.13 billion in the first quarter last year to $4.89 billion. The company said the increase would have been 25% but for unfavorable impact from exchange rate fluctuations. Net in ...

  41. Report: Terra Firma Considers EMI Cash Injection

    December 08, 2008 12:00 AM EST Terra Firma has recently put about £10 millon ($14.8 million) into EMI in order to prevent the major defaulting on its £2.7 billion ($4 billion) Citigroup loan, according to the Wall Street Journal. The report says that Terra Firma may have to inj ...

  42. E1 Obtains $150M Revolving Credit Facility

    September 26, 2008 12:00 AM EDT Amidst the highly publicized credit crunch, Entertainment One has obtained a four-year, $150 million revolving credit facility from a consortium of banks led by JP Morgan. Participating banks also include Bank of America, Barclays and Toronto Domi ...

  43. 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 ...

  44. HMV Japan Pres Dezelsky To Split

    November 16, 2007 12:00 AM EST HMV Japan president Paul Dezelsky will leave his post at the end of the year, Billboard.biz has learned. "It is a completely personal decision," Dezelsky tells Billboard.biz. "After 12 years I feel it is time to challenge something ...

  45. HMV Sells Japanese Biz

    July 31, 2007 12:00 AM EDT Music and entertainment retail giant HMV Group has agreed to sell its 62-store HMV Japan business to DSM Investments catorce Co. Ltd for ¥17 billion (£70 million) in cash. The deal is expected to be completed by the end of August, HMV said today. ...

  46. Guitar Center To Be Bought For $2.1 Billion

    June 27, 2007 12:00 AM EDT Guitar Center Inc. has agreed to be acquired by private equity firm Bain Capital Partners LLC for about $1.9 billion plus assumed debt. Total value of the transaction, expected to close in the fourth quarter, is approximately $2.1 billion includin ...

  47. Sanctuary Says Results On Target

    April 28, 2006 12:00 AM EDT Earlier financial accounts to be restated. Sanctuary Group plc today (April 28) admitted it would restate previous financial accounts but said that expectations for its underlying business remained on track. Underlying current trading remains &quo ...

  48. Morgan Stanley Cuts EMI Rating

    October 26, 2004 12:00 AM EDT Investment bank Morgan Stanley has cut its rating for EMI Group plc to "underweight" from "equal weight" and lowered its target price to 205p a share from 250p. (Reuters) -- Investment bank Morgan Stanley has cut its rating for ...

  49. Morgan Stanley Cuts EMI Rating

    October 21, 2004 12:00 AM EDT Investment bank Morgan Stanley has cut its rating for EMI Group plc to "underweight" from "equal weight" and lowered its target price to 205p a share from 250p. Investment bank Morgan Stanley has cut its rating for EMI Group pl ...

  50. Morgan Stanley Cuts EMI Rating

    October 21, 2004 12:00 AM EDT Investment bank Morgan Stanley has cut its rating for EMI Group plc to "underweight" from "equal weight" and lowered its target price to 205p a share from 250p. Investment bank Morgan Stanley has cut its rating for EMI Group pl ...

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