Economy of the United Kingdom

  1. HMV Announces First Wave of Layoffs

    January 31, 2013 1:11 PM EST staff redundancies have been made across HMV's head office and distribution network, administrators have announced. Deloitte LLP - who were appointed administrators on Jan. 15, following HMV's poorer-than-expected trading over the h ...

  2. Universal-Led Suppliers Liable for Up to $242 Million If HMV Folds: Report

    December 27, 2012 10:51 AM EST British music and DVD retailer HMV, which has said it faces a liquidity crunch early in the new year, has seen $65 million in benefits from financial support from product suppliers, led by Universal Music, the Daily Telegraph reported Thursday. Mu ...

  3. Apollo Global Management Invests In HMV, Eyes Possible Takeover: Report

    December 17, 2012 9:57 AM EST New York-based investment group Apollo Global Management has bought a 10% holding in struggling U.K. music retailer HMV, with a possible view to acquiring the company, according to reports. . Apollo Global Management -- commonly referred to as a v ...

  4. Morning Fix: Daniel Glass on Mumford & Sons; Microsoft and Rdio; Adele Returns; Jay-Z's New YouTube Channel

    October 05, 2012 8:05 AM EDT Head HERE to subscribe to Billboard's free music-business newsletters JEFF CASTELAZ NAMED PRESIDENT OF ELEKTRA RECORDS: Jeff Castelaz has been named President of Elektra Records, where he will oversee all areas of the label's operation w ...

  5. Simon Fox, HMV CEO, Stepping Down, Trevor Moore Named Successor

    August 02, 2012 10:20 AM EDT The HMV Group, owner of the UK's largest entertainment retailer, today announced in a statement to investors that CEO Simon Fox would be stepping down on September 3 and would be replaced by Trevor Moore. Moore, was formerly the chief executi ...

  6. The Jubilee Bump: How The Queen's Diamond Jubilee Is Boosting UK Music Sales

    June 06, 2012 3:26 PM EDT Robbie Williams performing at the Queen's Diamond Jubilee concert outside Buckingham Palace on Monday (June 4). (Photo: Getty) As the U.K. awaited an in-depth post-match report on the effects of the four-day (June 2-5) Jubilee celebrations on ...

  7. AEG Live Leads Bidding for UK's HMV Live (Report)

    May 21, 2012 12:05 PM EDT AEG Live is leading the race to acquire HMV's profitable live division, according to British newspaper the Daily Mail. The Daily Mail reports that AEG Live has been granted preferred bidder status to purchase the HMV-owned Mama Group, which t ...

  8. Lady Antebellum Teams With Lipton Tea & Honey For New TV Spot

    May 08, 2012 9:42 PM EDT Nicki Minaj isn't the only musician to star in a major ad for PepsiCo this week. Lady Antebellum debuted new 30-second TV spots for Lipton Tea & Honey and Lipton 100% Natural, a new product created in partnership by Pepsi and Unilever.In ...

  9. Sainsbury's, UK's Third-Largest Supermarket, Launches Music Download Store

    May 07, 2012 8:10 AM EDT Sainsbury's, the U.K.'s third-largest supermarket, has launched its own music download store. Effective immediately, a catalog of over 2.3 million tracks is available for U.K. consumers to purchase from Sainsbury's Entertainment web ...

  10. HMV Blames 'Weak New Release Schedule' For $26 Million Loss (But Predicts Imminent Return To Profitability)

    May 04, 2012 11:55 AM EDT Troubled British retailer HMV has forecast a pre-tax loss of £16 million ($25.9 million) for the year ending April 28, blaming a "weak new release schedule in CDs and DVDs" in the fourth quarter for the lower than expected sales. The ret ...

  11. HMV Grows U.K. Market Share

    May 01, 2012 11:16 AM EDT HMV has marginally increased its share of the U.K. entertainment market, according to latest figures released by market research firm Kantar Worldpanel. In the three-month period ending March 18, HMV grew its market share to 19.2%, up from 17.5% f ...

  12. Vodafone, German Ad Agency TLGG Win MIDEM's First Marketing Campaign Competition

    January 30, 2012 5:35 PM EST German ad agency Torben, Lucie und die gelbe Gefahr GmbH (TLGG) was named the surprise winner of MIDEM's first Marketing Campaign Competition Monday, winning on behalf of client Vodafone. TLGG was one of 10 competitors selected by Contagious ...

  13. HMV Holiday Sales Tumble As Interest In Retailer's Live Division Grows

    January 09, 2012 11:01 AM EST Troubled U.K. entertainment retailer HMV ended 2011 in much the same way that its year began: with falling sales and mounting speculation about its future. The company's latest financial statement reports that the company suffered an 8.1% dro ...

  14. HMV Reports Further Losses, May Sell Live Division to Boost Finances

    December 19, 2011 3:29 PM EST Struggling U.K. entertainment retailer HMV is considering selling its profitable live division, HMV Live, following yet another significant drop in sales. HMV Group posted a total loss of £50.1 million ($77.8 million) for the 26-week period ending ...

  15. Australia's Bigsound Conference: Alan McGee Provokes; Robbie Williams' Hefty EMI Deal; Chugg Lambasts McGee

    September 13, 2011 7:00 AM EDT The 10th anniversary Bigsound conference took place last week in Brisbane, Australia. Billboard's Australia correspondent Lars Brandle was there to take in all the sounds and soundbites. "The Australian" newspaper music editor Iain ...

  16. HMV Sales Drop 15%, Company Announces New Exec Appointments

    September 09, 2011 4:36 PM EDT Struggling U.K. music retailer HMV has reported a further fall in retail sales for its first quarter, but remains optimistic that its new tech-led strategy shows the way to recovery. Like-for-like sales for the 18 weeks ending September 3 2011 dro ...

  17. Andrew Kronfeld Named Universal Music President of Global Marketing

    August 30, 2011 6:41 AM EDT Universal Music Group has promoted Andrew Kronfeld, 42, to the newly created position of President, Global Marketing. For the past two years, Mr. Kronfeld, has served as Executive Vice President, International Marketing, UMGI. Mr. Kronfeld will re ...

  18. HMV Rolls Out Expanded Tech Offerings To 150 U.K. Stores

    August 23, 2011 7:49 AM EDT U.K. entertainment retailer HMV is to significantly expand its technology offering -further reducing the amount of shelf space available for music product. As previously reported, the troubled retailer - which reported a net loss of £121.7 million ...

  19. Chinese Search Giant Baidu's Major-Label Licensing Pacts Signal a Promising Shift

    July 22, 2011 1:46 PM EDT Can the piracy-ravaged Chinese market represent a sales opportunity for record labels after all? Sparking such hopes is a licensing agreement between One-Stop China, a joint venture of Universal Music Group, Sony Music Entertainment and Warner M ...

  20. Business Matters: HMV Woes Signal Even Bigger Retail Changes Ahead

    July 05, 2011 5:42 PM EDT Ask Not For Whom The Bell Tolls…: HMV -- If you took a long holiday weekend you may have missed the news that retail chain HMV posted a large annual loss and is in the midst of restructuring the company into a "broad-based entertainment busin ...

  21. HMV's Profits Plunge, More Challenges Ahead

    June 30, 2011 8:19 AM EDT LONDON (Reuters) - Struggling music and DVD retailer HMV , which has been selling off assets in a bid to secure its future, said trading conditions were set to remain tough as it posted a 61 percent drop in annual profit. The 90-year-old group, wh ...

  22. HMV to Sell 125 Canadian Stores: Report

    June 27, 2011 7:18 AM EDT LONDON (Reuters) - Struggling British retailer HMV is set to announce the sale of its 125-store Canadian business to restructuring specialist Hilco's Valco Capital Partners arm, the Sunday Telegraph reported. An HMV spokeswoman declined to co ...

  23. Insurer Seeks to Void Policy for Michael Jackson Shows

    June 06, 2011 8:50 PM EDT The insurer of Michael Jackson's canceled comeback concerts has asked a judge to nullify a policy intended to protect concert promoters if the singer wasn't able to complete the shows. Lloyd's of London sued AEG Live and Jackson ...

  24. HMV Selling Waterstone's Book Unit for $86 Million

    May 20, 2011 7:23 AM EDT LONDON - Struggling entertainment retailer HMV Group PLC said Friday it is selling its Waterstone's bookshops to raise 53 million pounds ($86 million). The sale of the bookstore chain to A&NN Capital Fund Management Ltd. comes ahead of a ...

  25. Beggars Group Opens West Coast Office

    April 25, 2011 6:06 PM EDT Beggars Group , the label consortium that houses seminal indie houses Matador Records, XL Recordings, 4AD and Rough Trade, has opened up west coast offices in the Silver Lake area of Los Angeles. The move follows the west coast migration of Matado ...

  26. HMV Looks To Major Labels For Financial Assistance

    April 11, 2011 8:07 AM EDT Troubled U.K. High Street retailer HMV has called upon the four major labels to help stave off its debt and cash flow crisis, according to U.K. press reports. British broadsheet newspaper The Sunday Times has reported that HMV has asked EMI, Sony ...

  27. HMV Warns of Lower Profits

    April 06, 2011 1:50 PM EDT U.K.-based retailer HMV has issued another profit warning sending the company's shares down over 9% on Wednesday before closing down 6.1%. The company lowered its estimate for full-year profit to 30 million pounds (about $49 million) from $40 ...

  28. 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 ...

  29. Vodafone Director @ MIDEM Claims 1 Million Paid Mobile Music Subscriptions

    January 22, 2011 12:00 AM EST CANNES, France -- With the collapse of Comes With Music in most Western markets, it's fair game to question how well mobile music is doing in Europe. Lee Epting, the content services director for one of the continent's larger network ope ...

  30. U.K.'s Major Label Heads Rally Around Beleaguered Music Retailer HMV

    January 20, 2011 12:00 AM EST Music and books retailer HMV has appointed accountancy firm KPMG to advise on its debt and help it meet an April test of its borrowing rules, a source familiar with the situation said. The source said Thursday that KPMG, already an adviser to HMV, ...

  31. HMV To Close Central London Store

    November 19, 2010 12:00 AM EST HMV, the U.K.'s leading entertainment retailer, is to close one of its central London stores. The closure of HMV's 35,000 sq. ft 360 Oxford Street outlet comes into effect April next year, according to the company. HMV recently renewed i ...

  32. Russian Billionaire Increases Stake in HMV

    November 10, 2010 12:00 AM EST Bloomberg reports that Russian oligarch Alexander Mamut has increased his stake in HMV Group, the British company which owns and operates leading U.K. entertainment retailer HMV. According to Bloomberg, Mamut has upped his existing stake in HMV Gr ...

  33. Sainsbury's To Launch U.K. Download Store

    November 10, 2010 12:00 AM EST U.K. mass merchant Sainsbury's is to launch a music download store in the run up to Christmas. An exact launch date for the as-yet-unnamed service is to be announced, but a statement posted on the supermarket's corporate website confirms ...

  34. Faithless Returns To Music Retailers

    November 01, 2010 12:00 AM EDT U.K. dance music veterans Faithless has issued a new version of its recent album "The Dance" (Nates Tunes) for a much wider retail release. The original CD version in May 2010 was an exclusive with mass merchant Tesco, while iTunes got t ...

  35. Warner U.K. Agrees Terms With Tesco

    October 22, 2010 12:00 AM EDT Warner Music U.K. has agreed trading terms with mass merchant Tesco for new music releases in Q4. This week Warner had said it would not supply Tesco with new releases because the trading terms offered were "unacceptable" (Billboard.biz, ...

  36. Warner Holds Back Q4 Releases From Tesco

    October 19, 2010 12:00 AM EDT Warner Music U.K. has confirmed it will not supply Tesco with new music releases under the trading terms the mass merchant has offered for the fourth quarter. Tesco is a key outlet for physical music in the U.K. Its 800-plus stores devote a substa ...

  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. Wal-Mart's Asda Moves Into Artist Exclusives

    October 11, 2010 12:00 AM EDT Wal-Mart-owned U.K. mass merchant Asda has followed arch-rival Tesco's lead and signed its first exclusive CD deal with an artist -- veteran Irish singer/songwriter Chris De Burgh. Asda has not confirmed any plans for future releases, but for ...

  39. HMV Sales Hit By World Cup

    September 09, 2010 12:00 AM EDT U.K. entertainment retailer HMV has had a torrid summer, with the World Cup hitting sales in the U.K. and Ireland. In the 19 weeks to Sept. 4, total sales at HMV U.K. and Ireland were down 13.9% and like for like sales were down 14.9%. HMV did not ...

  40. Business Matters: Ourstage, HMV, iTunes and more

    September 08, 2010 12:00 AM EDT Opinion and analysis of the day's music news. ROCK IS DEAD? AGAIN? -- BBC News has an interesting story about the lack of rock titles on the UK singles chart. Sales of rock singles are down nearly 18% in the first eight months of 2010. In con ...

  41. Tesco Aims To Drive Faithless Sales At Gas Stations

    August 31, 2010 12:00 AM EDT Tesco, the United Kingdom's largest mass merchant, is ramping up its music operations by rolling out CD sales to its gas stations. U.K. dance band Faithless is to be the first and, for the time being, sole beneficiary of the month-long trial ...

  42. HMV Rolls Out Fashion Range

    August 27, 2010 12:00 AM EDT U.K. entertainment retailer HMV will begin selling clothing and accessories next week. As previously reported, HMV is partnering with certain fashion brands - Boxfresh, Lee Jeans, FLY53 and Eastpak - that executives believe fit well alongside musi ...

  43. EMI Acquires Online Retail Service Digital Stores

    August 23, 2010 12:00 AM EDT EMI Music has acquired London-based Digital Stores, a European online retail service provider for artists and brands. CEO Russel Coultart and his team will join EMI's merchandise division, which includes retail music and entertainment merchan ...

  44. HMV, Waterstone's Consolidate Marketing

    August 10, 2010 12:00 AM EDT U.K. entertainment retailer HMV and bookseller Waterstone's have consolidated their marketing operations. Both retailers operate within HMV Group. The consolidation is effective immediately and the new group marketing department will be led b ...

  45. HMV To Launch Digital Service This Month

    July 15, 2010 12:00 AM EDT HMV will roll out its digital service at the end of July as the U.K. entertainment retailer makes a concerted attempt to grab market share in music downloads. The hmvdigital.com site is currently in beta. It is selling the new MIA album for £7.99 ...

  46. 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 ...

  47. HMV Year Profit Up 18%

    June 30, 2010 12:00 AM EDT HMV Group has revealed an 18% increase in pre-tax profits for the year ending April 24, 2010 to £74.2 million ($111 million). However, like for like sales at U.K. entertainment retailer HMV (including Ireland) were down 2.4% compared to the prior ...

  48. Buckcherry Re-records 'Our World' in Support of BP Disaster Relief

    June 22, 2010 12:00 AM EDT Hard rockers Buckcherry have released a new version of their track “Our World” from their forthcoming album “All Night Long” with lyrics reworked to reflect the tragedy of the BP oil spill. The download of the new track is available exclusively th ...

  49. Stars Turn Out For Lucian Grainge Farewell

    June 16, 2010 12:00 AM EDT The U.K. music biz said goodbye to Universal Music Group kingpin Lucian Grainge last night (June 16) at a star-studded "bon voyage" party in London. Executives and artists gathered at the Mandarin Oriental hotel in West London to see off ...

  50. Simon Fuller To Bid $600M For "American Idol" Owner CKX

    May 27, 2010 12:00 AM EDT "American Idol" creator Simon Fuller is trying to buy the company that owns the hit show. Sources confirm to Billboard.biz that the TV mogul and ex-Barclays Capital banker Roger Jenkins will submit a letter outlining a $600 million bid f ...

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