I hear 50 per cent staff cuts are afoot - is it true?

Unlikely - the original plan for the UK was up to 235 from 612 which is almost 40%.

However, rumour is that all of finance is to be outsourced so maybe you're right...

There was some kind of announcement to staff on Friday evening - does anyone know the details?

Reuters reports today "contractual obstacles" to the planned downsizing at EMI.

uk.reuters.com/article/entertainmentNews...357420080422?sp=true


"(...) sources say some obstacles have cropped up at the home of Coldplay and Lenny Kravitz: issues concerning "key man" clauses in artists' contracts; clauses in executive contracts that allow top staffers to leave if their responsibilities change or the company comes under new ownership or management; and challenges meeting deadlines by certain sectors of the company."

Is this true? Did Terra Firma do such a bad job going thru the books (due dilligence) that they still don't know what they bought into?

Ah, the KEY MAN clause DJ.

I gather it is the lack of importance of that these days that provoked Clive Davis' exit at BMG.

I think Guy Hands may be aware that nobody cares about any artistes these days.
Name one you wouldn't mind losing.

Sales are so low that even "big stars" simply don't sell anymore.

It's slowly dawning that it is the HITS that matter - Who Let The Dogs Out?

Bleeding Love?

Let me make some points here too.

In my opinion a "key man" clause flies in the face of the integrity of the executive. If someone is paying your wages, you owe it to them morally and legally to sign an act to THEM, not to you.
If you want to risk going the indie route (as I did), then sign the acts direct.

If you work for a company and allow a "key man" clause, you deserve to be dumped as an executive.

When you agree to work for someone you should give them 110% of your time, effort and loyalty.

End of.

You are right about the key man clause JK.

The key man clause might make sense from an artist