Top EMI executives, in their effort to save the struggling company, had cut 2000 jobs worldwide and could cut hundreds more jobs soon.
EMI owners Terra Firma must get the votes of 75% of its investors – who have already lost most of their initial £1.8 billion investment – to inject £120M ($183M USD) in additional funds by June 14th or risk losing control of the company to lender CitiGroup. New CEO Charles Allen is expected to tell investors this week that profits at EMI Music could reach £300M by 2015 vs £200M in the last 12 months, according to The Times.
But in order to hit that target, EMI has to cut down hundreds of jobs as well as find a way to lease EMI’s U.S. music catalog to a rival label group for the next 5 years.
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