Tuesday, September 16, 2014
Search
  
Submit your own News for
inclusion in our Site.
Click here...
Breaking News
IBM Offers Watson Data Tool To the Mainstream
Microsoft Releases New Arc Touch Bluetooth Mouse, PC Accessories
Toshiba Introduces New Exceria UHS-I SD Memory Cards, Transmemory Flash Drive
Nvidia SHIELD Tablet Gets 32GB Storage and 4G LTE
Micron M600 SSD Released With Dynamic SLC Cache
Orange to Buy Spanish Operator Jazztel
US Government Data Requests Increased: Google
Wi-Fi Alliance Enhances Wi-Fi CERTIFIED Wi-Fi Direct
Active Discussions
help questions structure DVDR
Made video, won't play back easily
Questions durability monitor LCD
Questions fungus CD/DVD Media, Some expert engineer in optical media can help me?
CD, DVD and Blu-ray burning for Android in development
IBM supercharges Power servers with graphics chips
Werner Vogels: four cloud computing trends for 2014
Video editing software.
 Home > News > Optical Storage > EMI shu...
Last 7 Days News : SU MO TU WE TH FR SA All News

Monday, October 15, 2001
EMI shuffles board to win back investors


British music giant EMI Group Plc on Monday appointed former PolyGram president Alain Levy as the new chief of its recorded music division in a move aimed at reversing the decline at one of its main operations.

EMI, whose stable of stars includes Robbie Williams and Radiohead, said Levy would become the new chairman and chief executive officer at EMI Recorded Music, replacing Ken Berry, who had left the group by ``mutual agreement''. Levy will also take up a position on the main board. The company added in a statement its trading remained in line with expectations set out last month, when EMI warned investors of a fall in profits.

On September 25 EMI warned sales at EMI Recorded Music would fall from last year, and that it expected the division to record a small loss in the first half. Major record companies, such as EMI and Warner Music, have seen revenues slump due to dwindling CD replacement sales, music piracy and the global economic slowdown.

However, group chairman Eric Nicoli said in a statement that Levy's appointment was a step towards bolstering the company's financial performance. Nicoli highlighted the ``creative, commercial, strategic and leadership skills'' of 54-year-old Levy. Shares in EMI were down 6-1/2 pence, or 2.3 percent, to 271-1/2 pence by 1030 GMT, but fund managers welcomed Levy's appointment, and attributed the fall to a decline in the broader market. The FTSE 100 index was down 1.2 percent in late morning trade. ``We view the management changes as positive,'' said Tim Rees, director of UK equities at Clerical Medical, which owns around two percent of EMI's share capital.

EMI's recorded music division accounted for around 80 percent of last year's annual turnover of 2.7 billion pounds ($3.9 billion). Despite a strong release schedule, including albums from Janet Jackson and Radiohead, EMI in September warned its profits would slide 20 percent this year because of a slowdown in the global music industry.

The group said on Monday that trading and expectations remained in line with the September update. Analysts at investment bank Merrill Lynch also welcomed Levy's appointment. Levy left PolyGram upon its sale to Seagram in 1998. Seagram is now part of French media group Vivendi Universal SA .

They noted that Levy increased operating margins and market share during his time at PolyGram, as the company acquired successful dance labels such as Def Jam and Motown Records. However, Merrill said Levy was also responsible for what it called a costly foray into PolyGram's Filmed Entertainment business. Merrill kept a ``buy'' recommendation on EMI, with a price target of 400 pence. EMI has underperformed the Dow Jones Stoxx European Media sector by about 20 percent since the start of 2001.


Previous
Next
Philips Licenses Digimarc Video Watermarking Patents        All News        Matsushita Elec unveils high capacity DVD
Philips Licenses Digimarc Video Watermarking Patents     Optical Storage News      Matsushita Elec unveils high capacity DVD

Source Link Get RSS feed Easy Print E-Mail this Message

Related News
SK hynix Develops The Fastest Mobile DRAM
Former MP3tunes Chief Loses Music Copyright Case
Pioneer Is Shipping New OLED Lighting Modules With a Wet Coating Process for a Light-emitting Layer
Mitsubishi Chemical Develops Bio-based Plastic For Automotive Touch Panels
SK Hynix To Develop Its Own eMMC Controllers
SK Hynix Starts Mass Production of 16nm NAND Flash
SK hynix And Micron May Be Close To Licensing Deal
Fire At Hynix Factory Spurs Bigg Chip Price Rise
Panasonic Inrtroduces Premium BD-Rs For Long Term Storage
SK Hynix Develops First High Density 8Gb LPDDR3
Oji and Mitsubishi Chemicals Develop Transparent Paper
EU Clears Universal-EMI Merger

Most Popular News
 
Home | News | All News | Reviews | Articles | Guides | Download | Expert Area | Forum | Site Info
Site best viewed at 1024x768+ - CDRINFO.COM 1998-2014 - All rights reserved -
Privacy policy - Contact Us .