Terra Firma

  1. Terra Firma’s Guy Hands Breaks Silence on EMI: ‘We Learned Some Very Expensive Lessons' (Video)

    March 05, 2013 2:48 PM EST Guy Hands, founder and chairman of private equity firm Terra Firma, spoke rather candidly on the missteps he and his firm made in its management of EMI in a video interview posted today on Bloomberg (below). Terra Firma purchased the music compan ...

  2. Roger Faxon Joining Board of British TV Network ITV

    October 22, 2012 1:23 PM EDT Roger Faxon, former CEO of EMI Group Ltd, is joining the board of the UK's Independent Television Authority (ITV) as a non-executive director effective Oct. 31 2012, according to a release sent out by the network. "Roger will bring to th ...

  3. Business Matters: Universal's Deal for EMI No Longer a Sure Thing, But Still Worthwhile

    September 21, 2012 10:00 PM EDT How much will Universal Music Group miss that pound of flesh the European Commission took when it forced considerable concessions from the world's largest record company in exchange from its approval of a merger with EMI Music? That's th ...

  4. Guest Opinion: Proposed Universal Acquisition Is a Positive Development for EMI and for Music

    July 16, 2012 4:15 PM EDT The proposed acquisition of EMI's recorded-music division by Universal Music Group continues to inspire debate. This is a guest post from Vernon Brown is Chairman and CEO of V. Brown & Company, Inc. and a Professor of Entertainment Law at ...

  5. Universal Music's Lucian Grainge Proposes 'Manifesto For New Music Industry'

    July 10, 2012 6:53 PM EDT Lucian Grainge has plans to sell assets, invest heavily in A&R, and keep EMI as intact as possible while trying to gain approval for Universal Music Group's proposed acquisition of EMI's recorded music division in both the U.S. and E ...

  6. Alison Donald, Mark Terry Appointed Co-Presidents of Columbia Records U.K.

    April 26, 2012 11:06 AM EDT Alison Donald and Mark Terry are to replace outgoing Columbia Records U.K. managing director Mike Smith. Effective May 1, Donald and Terry will assume joint responsibility for the running of the label, reporting to Nick Gatfield, Chairman and CEO ...

  7. Sony/ATV Offers Unspecified Concessions to European Union in EMI Music Publishing Deal

    March 27, 2012 3:49 PM EDT BRUSSELS (AP) - A group of investors led by Sony has offered concessions to the European Union to get approval for its deal to buy part of iconic British music company EMI, the bloc's competition regulator said Tuesday. Sony/ATV, a joint vent ...

  8. Business Matters: EMI Sues Grooveshark (Again), Pandora Takes Longview, Sirius Adds 1.7M Subscribers, EMI Execs' 'Forfeited' Bonuses Overstated

    January 05, 2012 6:39 PM EST EMI Sues Grooveshark for Breach of Contract -- Controversial music-streaming service has been sued by EMI - again. EMI Music Publishing has Grooveshark for breach of contract, according to reports at the New York Times and other outlets. The lawsu ...

  9. Record Label Shake Ups, Sales Make For A Tumultuous Year In The Music Industry

    December 08, 2011 7:55 AM EST With the sale of Warner Music Group, the planned sale and breakup of EMI Group and the installation of new management at each of the three surviving majors, 2011 was a year of seismic shifts in the major-label landscape. The rumbles began immediat ...

  10. Barney Wragg Named Managing Director of Andrew Lloyd Webber's Really Useful Group

    October 14, 2011 11:15 AM EDT Barney Wragg, a former executive at Universal Music Group and EMI in the early days of digital distribution, is extending his entertainment resume with the newly created position of managing director at The Really Useful Group (RUG), the company t ...

  11. Guy Hands Launches New Lawsuit Against Citigroup Over EMI

    September 08, 2011 2:05 PM EDT Terra Firma chairman Guy Hands has instigated legal proceedings against Citigroup over the way it acquired EMI, according to reports. U.K. newspaper The Guardian claims Hands has applied to the high court requesting information about the condition ...

  12. Business Matters: Why Warner Music and EMI Are Like Night and Day

    July 27, 2011 6:21 PM EDT Why Warner Music and EMI Are Like Night and Day -- There was a halfway interesting quote in an otherwise throwaway post at online music site Metronome. An unnamed senior executive at an unnamed company reportedly said of Warner, "the company ...

  13. EMI Gears Up for 'Possible Sale' -- Read CEO Roger Faxon's Memo to Staff

    June 20, 2011 3:23 PM EDT EMI issued a statement on Monday saying that it has launched an effort to find a new owner, among other "strategic alternatives." The company's board "has initiated a process to explore and evaluate potential strategic alternat ...

  14. Access Reveals Its Warner Music Acquisition Financing Plan in Proxy Statement

    May 23, 2011 4:57 PM EDT Access Industries plans to finance its planned $3.3 billion acquisition of the Warner Music Group by putting up $1.118 billion in equity, obtaining $1.045 billion in bridge loans from Credit Suisse AG and UBS Loan Finance. It will ask the senior s ...

  15. Sale of Warner Music Group Means Less Financial Transparency in Music Business

    May 06, 2011 4:22 PM EDT While insiders don't expect many major operational changes stemming from Access Industries' acquisition of the Warner Music Group , the move certainly means less transparency in the music industry and the loss of the only publicly traded ...

  16. 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� ...

  17. 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 ...

  18. 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 ...

  19. EMI: A Look Back At The Guy Hands Era

    February 02, 2011 6:09 AM EST Citigroup's takeover of EMI finally brings to an end Terra Firma's incredible three-and-a-half year ownership. Purchased for £4 billion ($6.3 billion) in May 2007 at the height of the credit market, EMI turned out to be a disastrous inve ...

  20. 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 ...

  21. 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 ...

  22. 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 ...

  23. 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 ...

  24. Queen Signs To Universal In Another Blow To EMI

    November 08, 2010 12:00 AM EST British band Queen has signed to Universal Music Group after nearly 40 years with EMI, and preparations are under way for the release of remastered versions of Queen's studio albums in 2011. The switch, first reported in May and confirmed tod ...

  25. Terra Firma's 'Speculative' Testimony Disallowed

    October 29, 2010 12:00 AM EDT Wednesday night turned out to be a costly one for Guy Hands dreams as billions of dollars in potential damages went up in smoke when the theories behind them were disallowed in the lawsuit between Terra Firma and Citigroup. According to press repo ...

  26. 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 ...

  27. 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 ...

  28. Business Matters: Live Nation, Terra Firma, eMusic and more

    August 19, 2010 12:00 AM EDT Opinion and analysis of the day's music business news. -- Has Live Nation’s stock bottomed out? After closing at $8.43 on August 11, the company’s shares have inched upward and closed at $9.09 on Wednesday. Before last week, Live Nation had c ...

  29. EMI Group's Net Loss Tops $800 Million

    August 18, 2010 12:00 AM EDT EMI Group's new annual report reveals operational improvements, deep losses and continued dangers associated with its debt load. The company had profit from operations of £121 million ($189.5 million) for the year ending March 2010, up from j ...

  30. EMI Ups Roger Faxon To Group CEO

    June 18, 2010 12:00 AM EDT Roger Faxon , chairman and chief executive of EMI Music Publishing since 2007, has now been put in charge of the recorded music division, too. EMI announced the appointment today as part of an overhaul of the management structure "to enable t ...

  31. Business Matters: Terra Firma, 'Glee,' Wolfgang's Vault and more

    May 28, 2010 12:00 AM EDT Follow Glenn Peoples on Twitter or e-mail him at gpeoples AT billboard.com. -- A source close to Kohlberg Kravis & Roberts (KKR) denied to the Financial Times the buyout firm has been in talks with Terra Firma . “There are no discussions betwe ...

  32. 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 ...

  33. 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 ...

  34. EMI Watchers Praise, Critique Leoni-Sceti Legacy

    March 10, 2010 12:00 AM EST While it's unclear whether EMI Music CEO Elio Leoni-Sceti resigned effective March 31 because he jumped or because he was pushed, industry insiders say EMI Music chairman Charles Allen’s expanded executive role has come to the right man at th ...

  35. Second Lawsuit Filed Over Terra Firma’s EMI Acquisition

    March 05, 2010 12:00 AM EST Citigroup is being sued by Colorado-based Sungate Securities, an investor in Terra Firma, over allegations the bank hid conflicts of interest during the sale of EMI, according to Bloomberg . This is the second lawsuit surrounding Terra Firma’s 4 b ...

  36. 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 ...

  37. EMI Says Wants To Hold On To Abbey Road Studios

    February 22, 2010 12:00 AM EST EMI wants to retain ownership of the Abbey Road recording studios, immortalized by the Beatles album of the same name, though it is talking to other parties about revitalizing the site, the major said. A source familiar with the situation told Reu ...

  38. 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 ...

  39. 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' ...

  40. 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 ...

  41. 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 ...

  42. Terra Firma Seeks Investors In EMI: Report

    December 14, 2009 12:00 AM EST British private equity group Terra Firma wants to bring in outside investors to help prop up EMI, which is struggling with £2.6 billion ($4.2 billion) of debt, the Observer newspaper reported. The report said pension funds, insurance companies and ...

  43. 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 ...

  44. 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 ...

  45. Briefs: UMG, Borders, Pandora, EMI, U2

    May 28, 2009 12:00 AM EDT -- A New York Times article claims both Universal Music Group and Warner Music Group "relaxed" the terms of their licensing deals with Imeem to accommodate the music service's inability thus far to find a business model that does so ...

  46. EMI Music Earnings Triple To $246 Million

    May 07, 2009 12:00 AM EDT EMI Music has increased EBITDA to £163 million ($246 million) for the year ending March 2009, an increase of 219.6% on the 2007-2008 EBITDA of £51 million ($77 million). The earnings increase at the recorded music division occurred during the firs ...

  47. Terra Firma Writes Off EMI Investment

    March 03, 2009 12:00 AM EST Terra Firma, the private equity firm which owns EMI, has written off €1.365 billion ($1.718 billion) in its investments. The lion's share of that impairment charge is reportedly down to EMI, which it acquired in August 2007 for £2.4 billion ( ...

  48. EMI In Talks To Outsource U.S. CD Distribution

    October 31, 2008 12:00 AM EDT EMI Music is in talks to outsource the "pick, pack and ship" portion of its U.S. distribution operations to physical retailers, according to a source familiar with the situation. The source said EMI's U.S. sales and marketing operat ...

  49. EMI Posts Huge Loss

    October 24, 2008 12:00 AM EDT EMI Group has reported a loss of £757 million ($1.2 billion) for the year ending March 31, citing the "continuing underperformance from EMI Music." That compares to a loss of £287 million ($454.5 million) in the previous year. Revenue pl ...

  50. Nicoli Joins U.K. Music Venture

    September 01, 2008 12:00 AM EDT Eric Nicoli, former CEO of EMI Music Group, has returned to the music industry after acquiring an undisclosed stake in U.K. music marketing and management firm Nick Stewart & Associates (NSA). Nicoli, who left EMI a year ago following the majo ...

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