Private equity group Terra Firma announced this week that they would try and raise a further £100 million to bail EMI out of serious financial trouble.
One of the most important major labels of our time, Terra Firma’s EMI is nursing one gigantic hole in the books after the private equity firm made £1.75 billion in pre-tax losses during 2009. Even though EMI hold stars Coldplay and Robbie Williams, the company is going to have to work some serious magic to avoid losing control of the company to Citigroup.
Terra Firma chief executive Guy Hands paid £4.2 billion for EMI just before the financial crisis hit in 2007, and in 2008 thousands of EMI employees were made redundant.
EMI makes up one of the ‘Big Four’ labels, alongside Universal Music Group, Sony Music Entertainment and Warner Music Group. Over its 79 year history it has bought us some of the most successful LPs in history like The Beach Boys Pet Sounds and The Beatles Sgt. Pepper's Lonely Hearts Club Band.
According to The Guardian, EMI’s “loss is one of the biggest black holes ever seen in a private equity-backed business”.
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