In an economy where even former Attorneys General are having a hard time holding down a job, it's not surprising that the already tanking music business is sinking even deeper. No one knows that better than the executives of Chrysalis group, a prominent U.K. independent music publisher, who were offered $205 million to be bought out by EMI, and turned it down. With the company worth only about $150 million in the current market, Chrysalis is left to wait it out and hope for the best in future years, despite less ambitious estimates even before the recession hit full swing. That's going to leave some unhappy subordinates. [Alley Insider]
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The last few years have found so many of the major independent publishers and smaller major publishers - BMG, Famous, Windswept and others - getting bought out and consolidated, I wonder how much longer Chrysalis can hold out.