Terra Firma To Ask Investors For $554 Million

Terra Firma To Ask Investors For $554 Million

Terra Firma To Ask Investors For $554 Million
Terra Firma Chairman/CIO Guy Hands is planning to ask his equity firm investors to infuse another $554 million into EMI Music, according to a Financial Times report. The amount is three times the sum Hands previously identified as sufficient to cover the shortfalls against the company's loan covenants. If investors agree to the amount, it would allow Terra Firma to see the EMI loans through to 2015, at which time they will come up for renegotiation, and avoid the risk of Terra Firma losing control of the label to Citigroup, which holds EMI's $4.9 billion debt. (4/20)

BMG Rights Nashville Launches
BMG Rights Management has launched BMG Rights Nashville, a publishing company providing creative, administrative, marketing, and synch support services. The company has been formed in partnership with publishing executive Darrell Franklin and producer Dann Huff, who has produced artists such as GRAMMY winners Faith Hill, LeAnn Rimes, Carrie Underwood, and Keith Urban. (4/20)

Physical Market Declines In Japan
The Recording Industry Association of Japan reported the production of 49.1 million physical audio units for the first quarter, a 10 percent drop from the year-ago quarter, and a total unit value of $581 million, a 16 percent drop. The first-quarter decline follows a 13 percent year-over-year decline in the production of physical shipments in 2009. (4/20)
 

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