Tuesday, February 01, 2011

Classical music's giant closing down sale

US banking giant Citigroup has taken over the ownership of EMI, the music company where it was the major creditor... Citigroup, which provided Terra Firma with loans to help finance takeover, said it would eventually sell EMI. Industry speculation suggests another record label would probably be the buyer - with Warner Music among the more likely candidates for the recorded music business - BBC News Feb 1, 2011

EMI's record - in more ways than one - £1.75 billion loss raises important questions. There is now a real possibility that the company will breach its loan agreements... causing control to pass to financial conglomerate Citigroup. Which means many of the great classical (and rock) recordings of the 20th century could be in the hands of American bankers. This may only be marginally worse than leaving them with EMI's current owner Guy Hands, but it is, nevertheless, a terrifying prospect - On An Overgrown Path Feb 11, 2010
That terrifying prospect is now reality. So it worth re-reading my post that the quote above came from. It is about protecting intellectual properties from the hegemony of the free market and safeguarding them for future generations by establishing some form of international cultural exception.

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