LONDON (Hypebot) –
This is the week that we learn the future of EMI.
Insiders are claiming that Guy Hands is "close" to getting the approval of enough Terra Firma investors to give EMI just enough cash to keep lender CitiGroup from foreclosing. That may be true or it may be wishful thinking designed to gather investor momentum.
Meanwhile, rumors are swirling. Queen is said to be moving their lucrative catalog. Candid remarks by the head of Sony showed they are interested and have the cash. But reports early on Monday say no talks are underway. That may be because any buyer wants to know who the seller is going to be – EMI or Citi. Universal is said to be circling and waiting out the week. WMG group is holding its cards closer to the chest; and while it's interest in EMI is well known, it has much less cash to work with. Others are interested in only EMI's more profitable publishing division and some unusual partnerships are possible.
Meanwhile morale is low and frustration is high within the walls of EMI as employees wait for any news. More layoffs, particularly in North America, seem inevitable. But how many and who?