The U.K. music and entertainment retailers’ trade body is urging the new owner of EMI Group Plc to clarify its future plans swiftly to help eliminate ongoing uncertainty in the business.
The call comes shortly after Terra Firma, the private-equity firm, succeeded earlier today in its bid to acquire EMI.
By explaining its future strategy for EMI as soon as possible, Terra Firma would enable retailers to feel assured about their future relationship with the major label, the U.K.-based Entertainment Retailers’ Association said.
“Corporate uncertainty is bad for competition in the music industry and can only be bad news for music fans and entertainment retailers,” said Paul Quirk, ERA’s co-chairman, in a statement. “On that basis, we look forward to a speedy resolution of the EMI situation.”
Rival major Warner Music Group added to the turmoil by its on-off offer to buy EMI, ERA noted.
