LONDON (Thomson Financial) - Guy Hands has written to EMI recording artists, saying they are 'at the epicentre' of his plans to turn around the struggling music company, according to a report in The Daily Telegraph.
The boss of the private equity group Terra Firma circulated a letter last month to EMI's artists, which include Robbie Williams, Kylie Minogue, Coldplay and Gorillaz, following reports the group would axe acts who do not work hard enough.
Hands wrote to artists: 'Firstly, let me say how much I am looking forward to working with you, your managers and our staff at EMI to transform the company into the really successful business we know it can and should be.'
He added: 'Believe me, I do know how hard you work in the creation and promotion of your records. We really value the collaborative relationship you have with the many EMI staff globally, who work on your projects.'
The newspaper said Terra Firma's private equity management style has put it on a collision course with many creative staff in the industry. Terra Firma is believed to be turning down over half of EMI's proposed new artist signings as it works on a strategic review.
Source: http://www.forbes.com
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