Sent: Tuesday, February 01, 2011
To: All EMI Music Staff Globally
Subject: Message from Roger Faxon
In the last few minutes, we have announced that earlier today ownership of EMI passed from Terra Firma to Citigroup. The press release is attached for you here. It has been a long journey to this place. Much has changed at EMI and in our industry over the last three and a half years. What has not changed at EMI and never will is our fierce devotion to the artists and songwriters we represent. I believe that EMI, in both publishing and recorded music, is stronger today because of that commitment. Working together across both divisions, we are in the process of building a new business, a global rights management business that will enable us to continue to deliver for successful outcomes for our artists and songwriters. We have the ability to shape our future and build a company that will not only survive but that will flourish in the years to come. Today's change in ownership is but one step in that journey.
So how did this change of ownership take place?
Well, when a company's value is less than its debts, one solution is to go through an administration process which allows the sale of the business in partial satisfaction of those debts. In our case it is not hard to see that our parent company Maltby Investments Limited (MIL) would never be able to repay the
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