Another rich old white man fails to purchase EMI from Citigroup

Another rich old white man fails to purchase EMI from Citigroup http://www.tinymixtapes.com/sites/default/files/news-11-11-emi-citigroup.jpg

After several days of private negotiations, word has emerged that the likely sale of EMI to Russian-born billionaire Len Blavatnik has fallen through. Inside sources are saying that the offer Blavatik put forward, somewhere between $1.5 and $1.6 billion, was well below the amount Citigroup (the current owner of EMI) had expected. While there’s still an opportunity for Blavatnik — who acquired Warner Music Group back in May for $3.3 billion — to raise additional funds and seal the deal, there are other concerns at hand.

EMI has a pension obligation of over $600 million, as well as property holdings that provide another $100 million in debt for the label. Much like the house cleaning that took place after British acquisition group Terra Firma took control of EMI four years ago, which ultimately led to Citigroup’s ownership of the company when they defaulted on their debts, whomever takes possession of EMI next will need to cut costs and potentially lay off 10% of the EMI workforce to make the company profitable. And then there’s the whole “how do you make money off music” thing….

Prior to Blavatnik, EMI had been in talks with several other pasty white men, including business magnate Ron Perelman and Luciean Grainge of Universal Music Group, but both deals fell to the wayside when the Russian tycoon entered the scene. If Blavatnik were to succeed in acquiring EMI, it would create a third mega-label to rival Sony and Universal, both of whom have seen considerable consolidations with smaller labels over the years in the wake of this thing they refer to as the “internet” and its troublesome tendency to make folks not want to pay $20 for a Katy Perry CD.

• EMI: http://www.emimusic.com

Another rich old white man fails to purchase EMI from Citigroup

After several days of private negotiations, word has emerged that the likely sale of EMI to Russian-born billionaire Len Blavatnik has fallen through. Inside sources are saying that the offer Blavatik put forward, somewhere between $1.5 and $1.6 billion, was well below the amount Citigroup (the current owner of EMI) had expected. While there’s still an opportunity for Blavatnik — who acquired Warner Music Group back in May for $3.3 billion — to raise additional funds and seal the deal, there are other concerns at hand.

EMI has a pension obligation of over $600 million, as well as property holdings that provide another $100 million in debt for the label. Much like the house cleaning that took place after British acquisition group Terra Firma took control of EMI four years ago, which ultimately led to Citigroup’s ownership of the company when they defaulted on their debts, whomever takes possession of EMI next will need to cut costs and potentially lay off 10% of the EMI workforce to make the company profitable. And then there’s the whole “how do you make money off music” thing….

Prior to Blavatnik, EMI had been in talks with several other pasty white men, including business magnate Ron Perelman and Luciean Grainge of Universal Music Group, but both deals fell to the wayside when the Russian tycoon entered the scene. If Blavatnik were to succeed in acquiring EMI, it would create a third mega-label to rival Sony and Universal, both of whom have seen considerable consolidations with smaller labels over the years in the wake of this thing they refer to as the “internet” and its troublesome tendency to make folks not want to pay $20 for a Katy Perry CD.

• EMI: http://www.emimusic.com

Jeff Mangum and Olivia Tremor Control move their ATP-related London shows to March so they don’t have to visit that cesspool twice… joking! (about the “cesspool” thing, not the dates)

Hey, remember a few weeks ago when Mr P called you guys a bunch of flesh-licking readers smelling of seaman? Well, coincidentally, the psychotropic ramblings that followed in that same article happened to mention that the Jeff Magnum-curated ATP thingy thing was being rescheduled for March 9-11 of 2K12. Don’t panic if you didn’t catch that the first time. It’s still in Butlins, Minehead, Somerset, Everywheresville UK. Original tix still valid. Just a different weekend… and, you know, maybe with some different artists. No big deal! “Two Headed Boy!”

And now,doubly coincidentally, ATP told me today that Jeff Mangum’s two London shows at the Union Chapel, and The Olivia Tremor Control’s London show at Cargo will also move to March, because, you know, it’s just fucking easier that way. Additionally, the OTC show will now also take place at The Union Chapel, and is on March 7. As for Magnum, seems he still hasn’t quite decided when his shows are going to be, specifically. He’s still waiting to see how long his current engagement clandestinely recording hours and hours of children’s innocent laughter direct to wax cylinder at a playground in the French countryside is going to last, I guess. But they’ll be clustered around ATP somewheres, that’s for DAMN SURE. So be sure to stay tuned to Tiny Mixtapes, all you butt-sniffing readers tasting of piss and salami!

• Jeff Magnum: http://www.myspace.com/mangum11
• Olivia Tremor Control: http://www.oliviatremorcontrol.com
• All Tomorrow’s Parties: http://www.atpfestival.com

Dâm-Funk to perform live in your bedroom, thanks to Stones Throw’s direct-to-disc live album

In an effort to further enhance your at-home funkdafied exxxperience, Stones Throw has chosen to spread the live love juice with a Dâm-Funk six-track limited-edition vinyl. Just in time for winter, the release is the color of the purest snow and smells like a freshly plucked Christmas tree. Once you begin to spin the hand-stamped record, you’ll find yourself surrounded by the friendliest little elves, who want to spank your bottom with seasonal cheer as you spin around listening to “Killdat,” which you can check out below. Get your pretty paws all over the pre-order by heading here.

• Dâm-Funk: http://www.stonesthrow.com/damfunk
• Stones Throw: http://www.stonesthrow.com

Thank You politely break up

Bad news for Baltimore and post-punk and me: according to Impose, Thank You are breaking up. The group decided to disband after being approached by Future Islands to join them on a January tour, a query which caused them to question how enjoyable they found touring. This Saturday, they will play their last American show at Baltimore’s G-Spot with Oxes. Their absolute final show will take place at the ATP Nightmare Before Christmas festival in Minehead, UK, the likes of which is curated by Thank You’s former tourmates Battles.

Thank You have one last release planned, though they have yet to release any details. They also have stated that they are all still buddies. And that they’re not leaving Baltimore. And that they love you. So don’t worry about those guys.

• Thank You: http://www.myspace.com/wethankyou

Deep Tapes contribute to surplus label population with sublabel Heat Rave

A wise man named C. Spencer Yeh once tweeted, “7 billion people on Earth- all with their own tape label.” It’s true, and now tape labels are having little tape label babies. This calls for a thorough debate on population control in the underground music industry. Side A will be represented by Jeffrey Boltman of Oklahoma, and side B will be represented by Kim Dennis of Oregon.

Now debaters, our example scenario for this debate is the recent announcement by psychedelic label Deep Tapes, headed by Alex Gray, that it will begin a sublabel called Heat Rave, which will be responsible for all releases by Gray’s Heat Wave project. Begin the discussion.

Side A: So, Heat Wave was releasing music on the prolific label Deep Tapes and have now decided to move its discography to a small imprint for organizational purposes. Sounds logical.

Side B: It is unnecessary. Simply alphabetizing your catalog can help fans find the Heat Wave releases just as easily. Does Heat Wave really have so many releases that it requires a separate label to manage them?

Side A: Heat Wave is the most prolific act on Deep Tapes’ roster. It requires another label. Simple fact.

Side B: Then Deep Magic should get their own sublabel. Hell, why not give a label to Earthsurfers, too.

Side A: Well, that’s going too far. Then everyone would get a label.

Side B: Exactly! And then Deep Tapes would no longer be a music label, but instead a label label that only releases labels!

Side A: This is getting too meta! I demand a debate within a debate!

Side B: Very well. Side Aa will be represented by Ashley Koontz of Florida, and Side Bb will be represented by Daryll Edwards of Michigan. Debaters, the topic is the necessity of label labels….

And the spiral continues.

• Heat Rave: http://heatrave.com
• Deep Tapes: http://deeptapes.com