It’s Official: Terra Firma Buys Out EMI
By Mr P on 08-02-2007
Shifting from waste management to leisure to transport and now apparently to music (hey, it's all the same if it makes money, right?), CEO Guy Hands and his UK-based private equity firm Terra Firma has finally taken over EMI for $4.86 billion. It took five deadline extensions, but yesterday (Wednesday) the 90% of shareholder approval required was met just 45 minutes before the deadline. Stocks immediately soared, of course, and Terra Firma could finally dance around, pump its fists in the air, and yell "chi-ching!!"
So what's next? First of all, EMI will now become a wholly private venture, meaning the company will eventually be delisted from the London Stock Exchange (most likely on August 6), turning EMI into the only purely privately-held major label. Second, and more importantly, Terra Firma needs to save EMI. According to its website, Terra Firma "focuses on buyouts of large, asset-rich and complex businesses in need of operational and/or strategic change." EMI fits this description perfectly, so it'll be interesting to see what kind of effect the firm will have on the group's future.
Edgar Bronfman Jr.'s ingenuity at Warner Music Group took the group headfirst into the digital industry, while Sony BMG and Universal were slow to follow -- but not as slow as EMI. Hell, EMI even tried to buyout WMG at one point, but Bronfman Jr. brilliantly changed the dialogue so that it was suddenly more probable that WMG would buyout EMI. In 2006, WMG surpassed EMI's global recorded music market share. Embarassing news for EMI, surely, but lately EMI has been embracing DRM-free music more so than the other majors, and if they could just stop being so fucking UK-BASED, maybe they'd sell more records in the U.S.
Either way, according to Music & Copyright, 27.5% of the global music market share in 2006 is attributed to independent labels. Very respectable considering the licensing, copyright, and distribution dominance of the major labels.
Viva Vashti! Old Lady Bunyan Overcomes Unpalatably Podiatric Last Name Homophony to Release Rarities Album, New 7-inch Single
By Nobodaddy on 08-02-2007
Announcer: Okay, everyone; It's time to plaaaaaaaaaaaaay: "What's Wrong With This Headline?!" with your host, the King of congruence, the Duke of diction, Sultan of semantics, Tiny Mix Tape!!!
***APPLAUSE***
Tiny: Hello everybody and welcome! Today, we'll be discussing the recent news surrounding infamous psych-folk pioneer and all-around soft-voiced old songstress Vashti Bunyan. We have on the big board today a headline that claims that Bunyan is set to release a double-disc album of rarities, old singles, and demos via the good people at FatCat by the end of this year, as well as a claim that she will be prepping a new single.
Now, I have with me here our two contestants who hope to win Big Money and-- (***APPLAUSE***) -- and become our newest snob-nosed champion by pointing out as many needlessly nitpicky semantical problems with the claims of this headline as possible. They will each have 30 seconds of time on the clock. So, are we ready to play?
(***APPLAUSE***)
Okay, Contestant #1, what have you got for us? Your time begins... now!
Contestant #1: Uh... well, Tiny, uh, I guess I would call the very idea of a so-called "rarities album" into question when it comes to Ms. Bunyan. This 2CD rarities record, comprised of early singles and demo tracks from 1964-67 and titled Some Things Just Stick in Your Mind (due October 8 in Europe, the UK, and Japan, and coming out in the U.S. via DiCristina Stair Builders) will technically only be the third album of material that the revered singer/songwriter has released in, oh, say, the last 40 years... uh, that is, if you don't count the guest vocals she contributed to Animal Collective's Prospect Hummer EP (TMT Review) and a few other flings with modern psych-folk artists like Devendra and Co.
I mean, her first record, Just Another Diamond Day, was first released in 1970, and the woman didn't release a follow-up until 2005's Lookaftering. Think about it! That's two discs. And now we get a two-disc "rarities" collection? If you ask me--
Tiny: I'm sorry, Contestant #1. Time's up! You made some excellent points though, didn't he folks?
(***APPLAUSE***)
Alright! Contestant #2, anything to add? Your 30 seconds begin... NOW.
Contestant #2: Oh, gosh, uh... well, what about the fact that the alleged "New Single," of which a scant 1,000 new 7-inch copies will be pressed for a September 10 release, isn't really new at all! (***MURMERS***) Not only that, but the A-Side wasn't even written by Bunyan! (***MORE MURMERS***) Yes, actually, the track, which is also titled "Some Things Just Stick in Your Mind" was written by Keith Richards and Mick Jagger and originally came out on the Decca label in May of 1965. What's more, she wasn't even billed as "Vashti Bunyan" on the original release. She was billed simply as "Vashti."
But at least the B-side, "I Want to Be Alone," was the songstress' own composition. I guess that counts for something, I just don't see--
Tiny: aaaaand... time is up, Contestant #2; excellent job! Give her a great big hand, won't you?
(***APPLAUSE***)
Boy-oh-boy, this is gonna be a close one folks! Both of our fabulous contestants deserve to walk out of here winners, if you ask me. But we'll find out which one of these two overly-clever debunkers will walk out of here as our newest champion... right after this important word from our sponsor:
Some Things Just Stick in Your Mind 7-inch tracklist:
1. Some Things Just Stick in Your Mind
2. I Want to Be Alone