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Record label EMI, which was purchased by Terra Firma Capital Corporation (TII) in 2007, was dealt a serious blow yesterday by the band Pink Floyd. The band filed a lawsuit against EMI because the record company started selling individual music tracks from Pink Floyd's two block buster albums, Dark Side of the Moon and The Wall online. The selling of individual music tracks is expressly forbid by the band's contract with the record label. Yesterday a judge affirmed that contract condition.
This turn of events comes not only as a serious blow to EMI, but as a gut wrenching twist in Terra Firma's continuing downward spiral. Terra Firma is currently engaged in a legal battle with Citigroup, Inc. (C) regarding its purchase of EMI at auction. Terra Firma has accused Citi of the use of "fraudulent measures" in completing that sale.
In the mean time, it has been reported by Business Week that both the bands, Pink Floyd and Queen, have been in talks with other major record labels regarding the possibility of leaving EMI. Some bands which have already departed from EMI, include the Rolling Stones and Radiohead.
On the flip side of this situation, EMI has also had some positive news coming down the pipeline. It has been reported that EMI has signed 200 new artists globally in the last 18 months, and indications are that Guy Hands, the chairman of Terra Firma is loosening his micro manager grip on EMI operations. It is just possible that Guy Hands was simply determined to cut out old, yet lucrative, acts.
Only time will tell if EMI and Terra Firma can get back in step with the tune.
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