LONDON (Hypebot) – Music industry consultant and big thinker Andrew Dubber has been watching EMI struggle against huge debt and looming deadlines. Instead of just watching the venerable label group fall apart or into the hands of bankers, he's suggesting nationalization.
"…the parallels between Lehman boss Richard Fuld trying to do last minute deals at any cost 18 months ago…and the current EMI situation are striking to say the least," write Dubber on his personal blog. "EMI needs to find £150m by next week in order to stop Citigroup taking control. But the choices are not simply bankruptcy or collusion. There’s a third way. EMI could be nationalized."
"There’s an opportunity to step in and preserve a large slice of the nation’s popular music culture, regulate the industry to prevent the outrageous excess, and ensure that the company acts in the interest of the public, rather than the (utterly failed) profiteering motives of its corporate shareholders," he continues.