Paul Donovan to succeed as CEO of Odeon & Uci Cinemas.
Odeon & Uci Cinemas has announced that Rupert Gavin is to step down as CEO after more than eight years in the role, to pursue “a range of other challenges”.
He will be replaced by Paul Donovan, a former executive at Vodafone and Eircom, the Irish telecoms group. Donovan joins on Jan 27 and succeeds Gavin as CEO on Feb 17.
It is a year since attempts to sell the company were abandoned by owner Terra Firma Capital Partners, the private equity group headed by former Emi boss Guy Hands.
There have been several attempts to sell or float Odeon Uci but buyers have not met Hands’ asking price.
Gavin said: “After eight years leading Odeon, I feel that now is the right time to step down as CEO and to move on to a range of other challenges. I will be building my own business, as well as...
Odeon & Uci Cinemas has announced that Rupert Gavin is to step down as CEO after more than eight years in the role, to pursue “a range of other challenges”.
He will be replaced by Paul Donovan, a former executive at Vodafone and Eircom, the Irish telecoms group. Donovan joins on Jan 27 and succeeds Gavin as CEO on Feb 17.
It is a year since attempts to sell the company were abandoned by owner Terra Firma Capital Partners, the private equity group headed by former Emi boss Guy Hands.
There have been several attempts to sell or float Odeon Uci but buyers have not met Hands’ asking price.
Gavin said: “After eight years leading Odeon, I feel that now is the right time to step down as CEO and to move on to a range of other challenges. I will be building my own business, as well as...
- 1/17/2014
- by michael.rosser@screendaily.com (Michael Rosser)
- ScreenDaily
Rock “documentaries” are self-serving films that fawn over their subjects so their record companies can move more product. The typical rock doc strings together concert highlights with studio clips and innocuous musician quotes that add up to a fun, but facile movie. The L.A. band 30 Seconds To Mars turns this formula upside-down in Artifact, which enjoyed its world premiere at Tiff on Friday. Actor/musician Jared Leto’s band wants to leave their record label, Emi, when multimillionaire British tycoon Guy Hands devours the ailing company and sues 30 Seconds To Mars for $30 million. Artifact tells their battle as they struggle to record their third album and their money runs out.
Even if you know nothing about the band, Artifact is a riveting David vs. Goliath tale that exposes the corrupt music system which binds musicians to big labels like slaves to a plantation. How can a band that sells...
Even if you know nothing about the band, Artifact is a riveting David vs. Goliath tale that exposes the corrupt music system which binds musicians to big labels like slaves to a plantation. How can a band that sells...
- 9/17/2012
- by Allan Tong
- Filmmaker Magazine - Blog
The creative industries need a proper strategy that would not favour film over music or computer games
If you have been listening to Radio 1 any time recently, Example is the rapper who has "never been afraid of the highest heights", which is useful enough when you've had a number one hit that has sold 1.7m copies this year. Contrary, perhaps, to received thinking about the state of the music market this is not a freak hit either; the all-digital singles market is booming – single sales are up 10% so far in 2011 (on top of a 10% improvement the year before), according to the record counters at the Official Chart Company.
So much for the impact of piracy – and singles are a cleaner business with lower overheads than albums, which must be promoted and marketed heavily. For singles, an artist and their record company can rely on radio airplay to do the job for free.
If you have been listening to Radio 1 any time recently, Example is the rapper who has "never been afraid of the highest heights", which is useful enough when you've had a number one hit that has sold 1.7m copies this year. Contrary, perhaps, to received thinking about the state of the music market this is not a freak hit either; the all-digital singles market is booming – single sales are up 10% so far in 2011 (on top of a 10% improvement the year before), according to the record counters at the Official Chart Company.
So much for the impact of piracy – and singles are a cleaner business with lower overheads than albums, which must be promoted and marketed heavily. For singles, an artist and their record company can rely on radio airplay to do the job for free.
- 8/7/2011
- by Dan Sabbagh
- The Guardian - Film News
Citigroup will reportedly not split Emi into its music and publishing divisions when it sells the record label. The Us bank took control of Emi from Guy Hands earlier this year when his Terra Firma venture capital firm could no longer service the company's debt. Citigroup wrote off £2.2 billion of Emi's borrowings immediately and was said to be considering "all offers" for the company, which could have led to its division. However, The Guardian now claims that Citigroup (more)...
- 4/13/2011
- by By Mayer Nissim
- Digital Spy
Flagship Odeon Leicester Square cinema is part of private equity firm Terra Firma's portfolio
Financier Guy Hands, the boss of private equity outfit Terra Firma, is considering selling the market-leading Odeon & Uci cinema chain as he begins rebuilding a City reputation that was dented by the Emi debacle.
Hands has seen his image as a master dealmaker tarnished by his firm's disastrous acquisition of music group Emi, which was seized by Citigroup in February, leaving Hands's company with a loss of £1.75bn. However, Hands is already giving serious consideration to his next step and is mulling the sale of Europe's largest cinema group and one of the UK's big three chains, after rivals expressed interest in the business.
According to initial reports in the Financial Times, Bank of America Merrill Lynch is expected to run the auction if one goes ahead, but it is understood that Hands has made no definitive decision yet.
Financier Guy Hands, the boss of private equity outfit Terra Firma, is considering selling the market-leading Odeon & Uci cinema chain as he begins rebuilding a City reputation that was dented by the Emi debacle.
Hands has seen his image as a master dealmaker tarnished by his firm's disastrous acquisition of music group Emi, which was seized by Citigroup in February, leaving Hands's company with a loss of £1.75bn. However, Hands is already giving serious consideration to his next step and is mulling the sale of Europe's largest cinema group and one of the UK's big three chains, after rivals expressed interest in the business.
According to initial reports in the Financial Times, Bank of America Merrill Lynch is expected to run the auction if one goes ahead, but it is understood that Hands has made no definitive decision yet.
- 4/1/2011
- by Dan Milmo
- The Guardian - Film News
In a semi-surprising move this week, Citigroup took over Emi, home to the Beatles catalog, Katy Perry and Lady Antebellum, in what most observers believe is an ultimately good move for the record company. After a long period of destabilization at Guy Hands' hands, Emi is coalescing under Roger Faxon's direction and Citigroup's takeover gives the company a chance to breathe a little bit before Citigroup puts it back on the block. 1) Emi (not ranked last week): The record label has more lives as a cat as Citigroup takes over ownership. Remember that Citigroup has been the main creditor to...
- 2/5/2011
- Hitfix
Citigroup Inc. has seized control of Emi Group after the record label group failed to meet the loan terms used to finance its previous takeover by multimillionaire Guy Hands and his private equity firm, Terra Firma. The London-based Emi, a century-plus-old company, includes the labels Astralwerks, Blue Note, Capitol, Virgin Records, and of course, Emi Records among others.
Citigroup now owns all of Emi, according to Bloomberg's Business Week , and in the debt-for-equity swap Emi's debt decreased "by 65 percent to 1.2 billion pounds ($1.94 billion)."
The takeover may lead to a sale, now that the company's crippling debt has been so considerably reduced. Warner Music Group and BMG may be floating some bids to be the new owners of the considerable catalog that Emi represents. Aside from current artists like the Beastie Boys, Coldplay, Gorillaz, and Norah Jones the group's catalog includes legendary records like Bowie's "Ziggy Stardust," The Beatles "Revolver" and "Sgt.
Citigroup now owns all of Emi, according to Bloomberg's Business Week , and in the debt-for-equity swap Emi's debt decreased "by 65 percent to 1.2 billion pounds ($1.94 billion)."
The takeover may lead to a sale, now that the company's crippling debt has been so considerably reduced. Warner Music Group and BMG may be floating some bids to be the new owners of the considerable catalog that Emi represents. Aside from current artists like the Beastie Boys, Coldplay, Gorillaz, and Norah Jones the group's catalog includes legendary records like Bowie's "Ziggy Stardust," The Beatles "Revolver" and "Sgt.
- 2/2/2011
- by Brandon Kim
- ifc.com
- 2/1/2011
- by Dylan Stableford
- The Wrap
Guy Hands, the founder and chairman of private equity firm Terra Firma, has lost control of Emi. Emi Group confirmed that Citigroup had today acquired 100% of its share capital, The Wall Street Journal reports. Citigroup has also completed a recapitalisation of the company, cutting its debt by 65% - down from £3.4bn to £1.2bn - and making £300m available in cash. According to Emi, the new structure "provides Emi with the financial strength and flexibility to continue delivering on its strategy to maximise value for the artists and songwriters it is dedicated to serving". Terra Firma acquired Emi in August 2007 for £4.2 million. Acts including (more)...
- 2/1/2011
- by By Mayer Nissim
- Digital Spy
Guy Hands, the private equity boss, has launched an appeal against a Us court ruling that acquitted Citigroup of all charges over his ill-fated takeover of music group Emi. Read Also - Guy Hands' $7B Acquisition of Emi MUsic Plays Its Final Notes The outspoken boss of the Terra Firma buy-out house alleged Citigroup had tricked him into overpaying for Emi. But a New York jury found unanimously for the bank in November after a three-week trial that attracted widespread media attention. Mr Hands’ appeal, which is expected to focus on the technical aspects...
- 1/11/2011
- The Wrap
Citigroup lawyer points to connection with Michael Moore's 2009 documentary, Capitalism: A Love Story
In a surprising twist in the Emi fraud trial, the judge dismissed a juror after Citigroup lawyers discovered that the film maker Michael Moore had thanked her in the credits of his 2009 anti-corporate documentary, Capitalism: A Love Story. A two-and-a-half minute clip from the film showed a family packing up a house that had been foreclosed on by Citigroup. Judge Jed Rakoff, dismissed Donna Gianell and said the clip should be labelled "Marxist Exhibit 1," and that the film appeared to be "an extremely one-sided, scurrilous appeal to anti-bank prejudice". Citi lawyers noticed that the woman, who came to court in pink leg warmers and described herself as a dancer and performer, took notes "like a person possessed" only when Terra Firma's witnesses were on the stand.
Trial consultants have voiced fears that a verdict against Citigroup...
In a surprising twist in the Emi fraud trial, the judge dismissed a juror after Citigroup lawyers discovered that the film maker Michael Moore had thanked her in the credits of his 2009 anti-corporate documentary, Capitalism: A Love Story. A two-and-a-half minute clip from the film showed a family packing up a house that had been foreclosed on by Citigroup. Judge Jed Rakoff, dismissed Donna Gianell and said the clip should be labelled "Marxist Exhibit 1," and that the film appeared to be "an extremely one-sided, scurrilous appeal to anti-bank prejudice". Citi lawyers noticed that the woman, who came to court in pink leg warmers and described herself as a dancer and performer, took notes "like a person possessed" only when Terra Firma's witnesses were on the stand.
Trial consultants have voiced fears that a verdict against Citigroup...
- 11/3/2010
- by Edward Helmore
- The Guardian - Film News
This week’s top music power broker rose from the near-certain death to claim the pole position. Terra Firma, which owns Emi, one of the four biggest record companies in the world, was circling the drain and threatening to take Emi with it, as it struggled to come up with the money it owned CitiGroup. This week, Terra Firma boss Guy Hands, who’s largely seen as having made one mistake with Emi after another since Terra Firma bought Emi in 2007, secured the $156 million it needed to keep from defaulting on its loan to Citi. Emi is home to such hot...
- 5/15/2010
- Hitfix
London -- EMI Group, at the center of an acrimonious legal dispute between buyout house Terra Firma and Citigroup, posted a full-year £1.56 billion ($2.48 billion) net loss and said it needed more money to stay afloat.
The deal by Guy Hands's Terra Firma at the height of the buyout bubble in 2007 has come to epitomize the worst aspects of private equity dealmaking, with a high debt burden and a weak performance crippling the business.
The music industry, and the recorded music division in particular, has been severely hit in recent years by mass illegal downloading and the move away from album sales to single digital tracks.
In a statement on Thursday, EMI said it had recorded a net loss of £1.6 billion ($2.51 billion) for the year to end-March 2009, against a £412 million ($646.7 million) loss a year earlier.
The loss included an impairment charge of £1.04 billion ($1.63 billion) after it wrote down the value of its catalogue,...
The deal by Guy Hands's Terra Firma at the height of the buyout bubble in 2007 has come to epitomize the worst aspects of private equity dealmaking, with a high debt burden and a weak performance crippling the business.
The music industry, and the recorded music division in particular, has been severely hit in recent years by mass illegal downloading and the move away from album sales to single digital tracks.
In a statement on Thursday, EMI said it had recorded a net loss of £1.6 billion ($2.51 billion) for the year to end-March 2009, against a £412 million ($646.7 million) loss a year earlier.
The loss included an impairment charge of £1.04 billion ($1.63 billion) after it wrote down the value of its catalogue,...
- 2/5/2010
- by By Simon Meads and Paul Sandle, Reuters
- The Hollywood Reporter - Movie News
Private equity firm Terra Firma has asked Citigroup to inject up to £300 million ($486.1 million) into debt-laden Emi, according to a report in the Sunday Times.
The buyout group led by Guy Hands, who is also chairman of Emi, has proposed an injection of between £250 million and £300 million and has requested Citigroup write off about £500 million of the debt from the label's more troubled recorded music division, the paper said.
It said Hands had told Citigroup his proposal is a long-term solution for Emi, whose acts include Kylie Minogue and Robbie Williams, and would put the company on a firmer financial footing as well as giving Citi a better chance of syndicating the debt, which Terra Firma does not need to pay back until 2015.
No one at Terra Firma or Citi could immediately be reached for comment.
Citi was left holding the entire debt package associated with Terra Firma's £4 billion takeover...
The buyout group led by Guy Hands, who is also chairman of Emi, has proposed an injection of between £250 million and £300 million and has requested Citigroup write off about £500 million of the debt from the label's more troubled recorded music division, the paper said.
It said Hands had told Citigroup his proposal is a long-term solution for Emi, whose acts include Kylie Minogue and Robbie Williams, and would put the company on a firmer financial footing as well as giving Citi a better chance of syndicating the debt, which Terra Firma does not need to pay back until 2015.
No one at Terra Firma or Citi could immediately be reached for comment.
Citi was left holding the entire debt package associated with Terra Firma's £4 billion takeover...
- 7/13/2009
- by By Rhys Jones, Reuters
- The Hollywood Reporter - Movie News
LONDON -- Guy Hands' reorganization of EMI is almost complete and will not entail more job cuts, the company said Tuesday.
A spokesperson for the Britain-based company dismissed a report published Tuesday in the Daily Telegraph that claimed EMI was planning to wield its ax again.
"There are no additional redundancies to those already announced in January," the spokesperson said. "The restructuring is on plan, and the new organization will be fully up and running by the end of June."
Hands, EMI's executive chairman, led the buyout of the music company last summer through his private-equity firm Terra Firma.
As part of his overhaul of the recorded music division, Hands told staff in January that 1,500-2,000 positions would be made redundant. After the restructure, the unit is expected to have about 2,700 employees worldwide.
A spokesperson for the Britain-based company dismissed a report published Tuesday in the Daily Telegraph that claimed EMI was planning to wield its ax again.
"There are no additional redundancies to those already announced in January," the spokesperson said. "The restructuring is on plan, and the new organization will be fully up and running by the end of June."
Hands, EMI's executive chairman, led the buyout of the music company last summer through his private-equity firm Terra Firma.
As part of his overhaul of the recorded music division, Hands told staff in January that 1,500-2,000 positions would be made redundant. After the restructure, the unit is expected to have about 2,700 employees worldwide.
- 5/13/2008
- The Hollywood Reporter - Movie News
LONDON -- EMI Group chairman Guy Hands has made a bid for U.K. independent music group Chrysalis, Billboard understands.
The London Times and Reuters today report that there have also been rival indicative bids from Warner Chappell and Sony/ATV, as well as interest from several private equity funds and music publishers.
Chrysalis founder and chairman Chris Wright announced a review of the business last year, which could result in the sale of the company.
Chrysalis' music publishing arm has the rights to artists including David Bowie, Gnarls Barkley and Athlete, and it recently signed a worldwide deal with former Smiths guitarist Johnny Marr. Chrysalis also owns the Echo label and the international wholesale distribution business Lasgo Chrysalis.
The company sold its radio business last July for 170 million pounds ($340) in order to focus on its music companies. Last month Chrysalis said it was in preliminary discussions with "select parties" which could lead to an offer. Shares in Chrysalis today increased by almost 11%.
The London Times and Reuters today report that there have also been rival indicative bids from Warner Chappell and Sony/ATV, as well as interest from several private equity funds and music publishers.
Chrysalis founder and chairman Chris Wright announced a review of the business last year, which could result in the sale of the company.
Chrysalis' music publishing arm has the rights to artists including David Bowie, Gnarls Barkley and Athlete, and it recently signed a worldwide deal with former Smiths guitarist Johnny Marr. Chrysalis also owns the Echo label and the international wholesale distribution business Lasgo Chrysalis.
The company sold its radio business last July for 170 million pounds ($340) in order to focus on its music companies. Last month Chrysalis said it was in preliminary discussions with "select parties" which could lead to an offer. Shares in Chrysalis today increased by almost 11%.
- 1/19/2008
- The Hollywood Reporter - Movie News
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 -- Terra Firma Capital Partners, which owns Odeon Cinemas and UCI Cinemas, has sold 11 movie houses, including landmark venue Empire Leicester Square to Cinema Holdings of Ireland, in order to satisfy the U.K.'s Office of Fair Trading. Terra Firma informed the stock exchange Wednesday and the Financial Times reported Thursday tjat the portfolio, which included Odeon and UCI sites in Scotland and England, went for £60 million ($105 million). Terra Firma issued no other statement on the sale and declined comment. The private equity firm, founded by British financier Guy Hands, shelled out more than $700 million in separate deals for the two chains last year. Analysts said that in order to avoid competition questions from the OFT, Terra Firma would have to divest one cinema from its Leicester Square portfolio, which comprised the Odeon Leicester Square, the U.K.'s largest theater, in addition to the Odeon Mezzanine, Odeon West End and the Empire.
- 10/13/2005
- The Hollywood Reporter - Movie News
PARIS -- Cineworld U.K., controlled by U.S. private equity company Blackstone Group, has acquired the U.K. and Ireland operations of French exhibitor UGC. The deal, which analysts said was worth about £200 million ($388.8 million) -- Blackstone declined to confirm the figure -- will combine UGC's 408 screens in 42 cinemas with Cineworld's to create the second-largest chain of theaters in the United Kingdom with more than 800 screens. London-based analysts said Friday that Blackstone had evinced a strong interest in acquiring Odeon, the United Kingdom's largest operator, in September but had lost the auction to financier Guy Hands' Terra Firma investment company, which paid £400 million ($777.5 million) for Odeon and also bought the United Cinemas International chain for £270 million ($524.8 million) at the time.
- 12/3/2004
- The Hollywood Reporter - Movie News
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