LONDON (CelebrityAccess MediaWire) — EMI's new owners, private equity giant Terra Firm has announced plans to implement major "cost cutting" measures at the troubled label group.
Variety is reporting that Terra Firma CEO Guy Hands has told Britain's Royal Television Society that he believes the company is being badly run but that Terra Firma has the brain-trust that can bring EMI back from the brink.
He stated that no plans were in place to sell off the recorded music or publishing arms of EMI, instead, Terra Firma would work to strengthen both divisions. He did not elaborate on what the cost cutting would entail.
He had few kind words for the current executive team at EMI however. His remarks indicated a strong belief at Terra Firma that EMI was being badly mismanaged.
"We look for the worst business we can find in the most challenged sector, and we get really happy if it's really, really bad," Hands the Royal Television Society's annual meeting, adding "We're just hoping EMI is as bad as we think it is." – CelebrityAccess Staff Writers