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EMI was bought out by Terra Firma in august 2007 for £3.2 billion
They announced that EMI had sustained a major loss of £260 million in 2006-2007
At the same time, the share market in Britain dropped from 16% to 9%
Radiohead and Paul McCartney walked out of EMI because of the shares dropping
The rolling stones also left and went to rival company universal music group
Guy Hands is the Company executive officer of terra firma and planned to cut up to 2000 jobs at EMI because of the substantial loss the year before
This job cut would reduce the costs for the company, £200 million a year has been saved since the job cut
In 2008 the UK chief executive, tony Wadsworth left after 25 years working for them
The job cuts were spread over 2008 and affected a third of EMI’s 5500 staff members
EMI made £1.46 billion revenue in 2008
There net income was a staggering £757 million lose 2007 to 2008
In 1991 Thorn EMI bought the last 50% of Chrysalis Records
In 1992 they took over Richard Branson’s Virgin Records
On the 16th august 1996 Thorn EMI shareholder voted in favour of demerger proposals and in a result of this the company was called EMI Group PLC
Between 2004 and 2006 EMI divested from the C-Pop market in Hong Kong
On the 2nd April 2007 EMI announced that the company would be releasing its music in a new DRM free format
They distributed this music under apples iTunes in the iTunes plus category
These track cost £0.99, $1.29 or E1.29 obviously depending where in the world you were
Legacy sold there tracks for £0.79, $0.99 or E0.99
These cheaper tracks had a lower quality sound and for £0.20, $0.30 or E0.30 you could upgrade the tracks
On may 30th 2007, EMI released DRM free music videos and high quality DRM free files
Robbie Williams signed a record breaking 6 album deal worth £80 million which is the biggest record deal in Great Britain and the second biggest deal in music history
On the 15th December 2005, apple records launched a law suit against EMI for not paying royalties
According to Apple, EMI had with held $50 million
A legal settlement was announced on 12th April 2007 and the terms were undisclosed
In may 2006 EMI made an attempt to buy Warner music group but was turned down
Warner music group then made an attempt to buy EMI which was also turned down
What still is the BIG FOUR nearly became three
The two companies are still talking about if one company should buy the other
When Terra Firma bought EMI they were recommended the 265 pence per share offer from Terra Firma which had previously been rejected had made EMI a £260 million loss in the past year
Terra firma was not the only company interested in buying EMI, Warner music offered 315 pence per share in cash on June 14th 2006
This was rejected and was regarded as totally and wholly unacceptable
It was first thought that the take over of EMI would be a failure as they were only offered 3% of the shares and they had targeted more than 90% originally
Terra firma extended the deal dead line by 3 weeks as they were desperate to get the 90% acceptance level
They sent 429 notices which meant the minority share holders were forced to sell there shares
EMI is the only privately owned major music company in the world
The first EMI website was launched in 1993
In 1998 they first streamed a whole music album over the World Wide Web
They were also the first to stream a digital album download
In 2002 EMI was the first major music company that made new music digitally available to the consumer
In 2007 they were the first to make its music available with out digital right management which is DRM
In September 2007 EMI was delisted from the London stock exchange
EMI out sourced Toshibas CD manufacturing operations
EMI has the worlds best and largest catalogue and is unmatched by any other company
In 1996 priority records joined the EMI fold
To help support future generations of musicians, in 1997 EMI established the EMI Music Sound Foundation, an independent music education charity that has distributed over £2 million to schools, students and teachers throughout Britain and is now the single largest sponsor of specialist performing arts colleges in the UK.