EMI plans strategic change
Source: Agencies |
June 19, 2010, Saturday
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Print Edition
Print Edition
BRITISH recording company EMI Group Plc yesterday said it is planning to reposition itself as a "comprehensive rights management company" and has appointed Roger Faxon as group chief executive.
EMI said the reshuffle means it will combine under one global head EMI Recorded Music, the record label, and EMI Music Publishing, which makes profits from owning the rights to a vast back catalogue of songs.
Faxon has since 2007 been chairman and CEO of EMI Music Publishing, which has been more stable than EMI's recorded music arm.
"I believe that the two divisions working in concert with one another as a global rights management business, can and will deliver," said Faxon.
EMI revealed last month that private equity firm, Terra Firma, was investing extra funds to fend off foreclosure by its main lender, Citigroup.
EMI said the reshuffle means it will combine under one global head EMI Recorded Music, the record label, and EMI Music Publishing, which makes profits from owning the rights to a vast back catalogue of songs.
Faxon has since 2007 been chairman and CEO of EMI Music Publishing, which has been more stable than EMI's recorded music arm.
"I believe that the two divisions working in concert with one another as a global rights management business, can and will deliver," said Faxon.
EMI revealed last month that private equity firm, Terra Firma, was investing extra funds to fend off foreclosure by its main lender, Citigroup.
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