LONDON (CelebrityAccess MedaiWire) — EMI is closing the doors on the Netherlands and Belgium offices of their music publishing division.
EMI would not comment on the closures but sources close to the matter told Billboard that the closures were part of larger changes in store for EMI's European publishing operations. Music Week is reporting that as many six managing directors in the European music publishing division are being released, including U.K. deputy managing director William Booth.
EMI has seen severe staffing cuts since being taken over by private equity firm Terra Firma in August, 2007. Since then, Terra Firma has struggled under EMI's onerous debt load and narrowly fended off foreclosure in May when investors sunk additional equity into the troubled label group to stave off default on outstanding credit.
A spokesman for EMI declined to discuss specifics but told Billboard that “It is very clear to us that the country-based structures that other music companies cling to are not delivering the kind of service that their artists need or the revenues that they deserve,” and that any changes were about "getting the structure right" as opposed to cost-cutting. – CelebrityAccess Staff Writers
