News
Sony May Bid For EMI Buyout
Sony Music Entertainment, the second largest record company of the "big four" major label groups, could be buying the smallest, British company EMI.
"We are in a position that allows us to seize every opportunity in the market - including EMI" said Sony Music CEO Rolf Schmidt-Holtz in German newspaper Frankfurter Allgemeine Sonntagszeitung on Sunday.
Despite sharing a first name with the most rocking keyboard player in all of the Muppets, it's doubtful that Schmidt-Holtz's potential acquisition will save the music industry ("You can't turn $18.99 CDs into free MP3s" as the old saying goes). As long as major-label records executives are all business school graduates with no motivations other than making money and talking loudly into Bluetooths in public, nothing can.
With EMI laying off employees by the thousands and cutting costs at every corner, why wouldn't Sony buy it? It's what large companies do afterall. But, if the acquistion goes through, prepare for the most trust-busting regulatory policies ever to befall the music industry. [Hypebot]
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