EMI Slashes Jobs
Hundreds of artists to be axed
Jobs are to be slashed at Hammersmith-based EMI as part of a re-structuring of the label.
EMI, which has its headquarters in Brook Green, was bought by private label Terra Firma last summer for £3.2billion.
Since then, the company whose artists include Coldplay, Robbie Williams and |Joss Stone, has been struggling with falling CD sales across the industry due to the rise of digital downloading and piracy.
The company made pre-tax losses of £263.6 million last year.
Terra Firma this week announced plans to cut between 1,500 and 2,000 jobs at EMI and to axe hundreds of artists.
Owner Guy Hands wants to save £200m a year with his "new revolutionary structure" for the record label.
Radiohead have quit the label since the takeover six months ago and existing artists such as Robbie Williams are understood to have have threatened to withhold new records and demanded assurances over marketing and distribution
Kylie and Coldplay are said to be considering their options.
January 18, 2008