CAMBRIDGE, England -- Private equity venture Terra Firma has no plans to sell ailing recorded music division EMI, despite how badly the company had been run, CEO Guy Hands said Friday.
EMI, which parted company with former CEO Eric Nicoli and finance director Martin Stewart last month, was acquired by Terra Firma for £2.4 billion in May.
"We are determined to keep that part of the business and we are determined to make it viable," he told reporters at the Royal Television Society's annual confab.
Analysts had speculated that the recorded music division would be sold off and merged with another industry player, with Terra Firma retaining the music publishing unit.
In an address to broadcasting execs here, Hands outlined Terra Firma's investment strategy.
"We look for the worst business we can find in the most challenged sector, and we get really happy if it's really, really bad," he told the convention. "EMI, our most recent investment, is a classic example.
EMI, which parted company with former CEO Eric Nicoli and finance director Martin Stewart last month, was acquired by Terra Firma for £2.4 billion in May.
"We are determined to keep that part of the business and we are determined to make it viable," he told reporters at the Royal Television Society's annual confab.
Analysts had speculated that the recorded music division would be sold off and merged with another industry player, with Terra Firma retaining the music publishing unit.
In an address to broadcasting execs here, Hands outlined Terra Firma's investment strategy.
"We look for the worst business we can find in the most challenged sector, and we get really happy if it's really, really bad," he told the convention. "EMI, our most recent investment, is a classic example.
- 9/15/2007
- The Hollywood Reporter - Movie News
LONDON -- Music major EMI Group announced a long-term succession plan Thursday that will see current chief financial officer Roger Faxon take over from longtime EMI Music Publishing chairman and CEO Martin Bandier, with former British Sky Broadcasting chief financial officer Martin Stewart taking Faxon's job. The publishing unit, home to such artists as Alicia Keys, Kanye West and Jay-Z, accounted for about one-fifth of EMI's revenue and one-quarter of operating profits for the firm's last full fiscal year, which ended in March. The executive revamp will take place over a three-year period, EMI said in a statement, with Faxon relocating to New York as president and chief operating officer of the music publishing division Feb. 1. He will report to Bandier.
LONDON -- Music major EMI Group announced a long-term succession plan Thursday that will see current chief financial officer Roger Faxon take over from longtime EMI Music Publishing chairman and CEO Martin Bandier, with former British Sky Broadcasting chief financial officer Martin Stewart taking Faxon's job. The publishing unit, home to such artists as Alicia Keys, Kanye West and Jay-Z, accounted for about one-fifth of EMI's revenue and one-quarter of operating profits for the firm's last full fiscal year, which ended in March. The executive revamp will take place over a three-year period, EMI said in a statement, with Faxon relocating to New York as president and chief operating officer of the music publishing division Feb. 1. He will report to Bandier.
LONDON -- Martin Stewart resigned Wednesday as chief financial officer of British Sky Broadcasting in what industry observers say could be the first of several defections in the wake of the appointment of BSkyB chairman Rupert Murdoch's son James as CEO of the pay TV operator. Stewart, who had held his post for almost six years, was a strong candidate to take over as CEO from Tony Ball, who left the job in November after running what has become Europe's leading pay TV company since 1999 (HR 11/4). "It is now the right time for me to pursue new opportunities," Stewart said. The BSkyB board has started a search, and Stewart has agreed to stay on until early August if a replacement cannot be found before then.
LONDON -- British Sky Broadcasting confirmed Monday that its human resources director, Craig McCoy, left the company a week after sending staff members a letter warning that a vote for union recognition could cost them their jobs. The satcaster said McCoy left the company two weeks ago, citing personal reasons and the desire for a career break. Reps would not comment on whether McCoy had been sacked or whether the letter had been sent with the prior knowledge of McCoy's boss, chief financial officer Martin Stewart. "He decided to leave the company and take a career break for personal reasons," a Sky spokesman said. McCoy could not be reached for comment Monday.
- 3/12/2003
- The Hollywood Reporter - Movie News
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