Music group EMI is to reshuffle its digital music operations in the midst of its bid and counter-bid battle with rival Warner Music.
The company, which is home to artists including Coldplay and Robbie Williams (pictured), aims to decentralise decision making in the digital arm and shift more power to local managers. As part of the restructure, it has parted with executive vice-president for strategy and business development Adam Klein, who oversaw EMI’s digital strategy.
Digital music sales have been growing steadily with CD sales levelling out or even falling. And while latest figures suggest that only six per cent of EMI’s revenues were digital sales, the group’s digital strategy is regarded as crucial for its future growth.EMI is currently involved in a bid and counter-bid battle with rival Warner Group. EMI last month rejected a £2.5 billion bid from Warner Music, the company it had itself been pursuing.
Warner Music had turned the tables on EMI by making a 320 pence-per-share offer. Previously Warner Music was tipped to accept an offer from EMI despite rejecting a $4.2 billion (£2.3 billion) bid, but this bold counter-bid suggests otherwise.
A tie-up between the world's third and fourth largest music groups is seen as an inevitability by many in the music industry.
Source: http://www.mad.co.uk
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