Editing EMI (section)

=== Terra Firma takeover ===
After a decline in the British market share from 16% to 9%, and the announcement that it had sustained a loss of £260&nbsp;million in 2006/2007,<ref name="bbc profile" /><ref name="bbc jobs">{{cite news|title=EMI set to cut up to 2,000 jobs|url=http://news.bbc.co.uk/2/hi/business/7188898.stm|publisher=BBC News|date=15 January 2008|access-date=16 March 2008}}</ref> in August 2007 EMI was acquired by [[Terra Firma Capital Partners]]<ref name="bbc profile">{{cite news|title=Profile: British music giant EMI|url=http://news.bbc.co.uk/2/hi/entertainment/7188861.stm|publisher=BBC News|date=15 January 2008|access-date=16 March 2008}}</ref> for £4.2&nbsp;billion.<ref>{{cite news|author=Joshua R. Wueller|ssrn=2293412|title=Mergers of Majors: Applying the Failing Firm Doctrine in the Recorded Music Industry|work=7 Brook. J. Corp. Fin. & Com. L. 589, 598|year=2013}}</ref> Following the transition, several artists including [[Radiohead]] left EMI, while other artists such as [[Paul McCartney]] had left ahead of the takeover.<ref name="bbc profile" /> At the same time, [[the Rolling Stones]] signed a one-album deal with [[Interscope Records]]/[[Universal Music Group]] outside its contract with EMI, which expired in February 2008,<ref>{{cite news|title=Stones sign one-album record deal|url=http://news.bbc.co.uk/2/hi/entertainment/7193467.stm|publisher=BBC News|date=17 January 2008|access-date=17 March 2008}}</ref><ref>{{cite news|first=David |last=Jenison |title=Stones Shine a Light on EMI's Woes |url=http://www.eonline.com/news/article/index.jsp?uuid=91f13094-fbfc-4138-b6f5-7fc9dc2dbe9d&entry=index |publisher=E! |access-date=17 March 2008 |url-status=dead |archive-url=https://web.archive.org/web/20080320075718/http://www.eonline.com/news/article/index.jsp?uuid=91f13094-fbfc-4138-b6f5-7fc9dc2dbe9d&entry=index |archive-date=20 March 2008 }}</ref> and then in July 2008 signed a new long-term deal with [[Universal Music Group]].<ref>{{cite news| url=http://news.bbc.co.uk/2/hi/entertainment/7525887.stm|publisher=BBC News|title=Stones ditching EMI for Universal|date=25 July 2008|access-date=1 May 2010}}</ref> The Terra Firma takeover was also reported to have been the catalyst behind a [[lawsuit]] filed by [[Pink Floyd]] over unpaid royalties.<ref>{{cite web|url=http://www.idiomag.com/peek/77585/pink_floyd|title=Pink Floyd sue EMI|access-date=26 April 2009|date=22 April 2009|publisher=[[idiomag]]}}</ref> In January 2011 Pink Floyd signed a new global agreement with EMI.<ref>{{cite web|url=http://www.emimusic.com/news/2011/pink-floyd-and-emi-sign-new-global-agreement/ |title=Pink Floyd and EMI sign new global agreement |publisher=emimusic.com |access-date=4 January 2011 |url-status=dead |archive-url=https://web.archive.org/web/20110108033928/http://www.emimusic.com/news/2011/pink-floyd-and-emi-sign-new-global-agreement/ |archive-date=8 January 2011 }}</ref>

Around the same time, [[Guy Hands]], CEO of Terra Firma Capital Partners, came to EMI with restructuring plans to cut between 1,500 and 2,000 jobs<ref name="bbc jobs" /> and to reduce costs by £200&nbsp;million a year. As a result, the UK chief executive [[Tony Wadsworth (music executive)|Tony Wadsworth]] left EMI after 25 years in January 2008. The cuts were planned to take effect over the year 2008, and would affect up to a third of EMI's 5,500 staff.<ref name="bbc jobs" /> [[Thirty Seconds to Mars]] tried to exit their contract with EMI following the layoff of its staff and due to unpaid royalties, prompting the label to file a lawsuit for $30&nbsp;million citing breach of contract.<ref name="kreps">{{cite magazine|url=https://www.rollingstone.com/music/news/virgin-emi-sue-30-seconds-to-mars-for-30-million-leto-fights-back-20080818|title=Virgin/EMI Sue 30 Seconds to Mars for $30 Million, Leto Fights Back|date=18 August 2008|first=Daniel|last=Kreps|magazine=[[Rolling Stone]]|access-date=29 July 2011}}</ref> The suit was later settled following a defence based on a contract case involving actress [[Olivia de Havilland]] decades before.<ref name="soars">{{cite news|url=https://www.latimes.com/archives/la-xpm-2009-nov-29-la-ca-30-seconds-to-mars29-2009nov29-story.html|title=30 Seconds to Mars soars|last=Brown|first=August|work=[[Los Angeles Times]]|date=29 November 2009|access-date=29 July 2011}}</ref> [[Jared Leto]] explained, "The California Appeals Court ruled that no service contract in California is valid after seven years, and it became known as the [[De Havilland Law]] after she used it to get out of her contract with [[Warner Bros.]]"<ref name="soars"/> Many industry watchers viewed the suit as a punitive harassment meant to scare other musicians.<ref name="kreps"/> The band's troubles with the label resonate through their third studio album ''[[This Is War]]'' (2009) and were the subject of the 2012 documentary ''[[Artifact (film)|Artifact]]''.

In 2008, EMI withdrew from the South-East Asian market entirely, forcing its large roster of acts to search out contracts with other unaffiliated labels. As a result, the South-East Asian market was the only region in the world where EMI was not in operation, although the record label continued to operate in Hong Kong and Indonesia (which was named Arka Music Indonesia).<ref>{{cite web|url=http://www.thecmuwebsite.com/htmldaily/080909.html#01|title=Unlimited / Cmu Daily|publisher=Thecmuwebsite.com|access-date=16 November 2011}}</ref> The Chinese and Taiwanese operation of EMI as well as the Hong Kong branch of Gold Label, was sold to Typhoon Group and reformed as [[Gold Typhoon]]. The Philippine branch of EMI changed its name to [[PolyEast Records]], and was a joint venture between EMI itself and Pied Piper Records Corporation. The physical audio and video products of the label have been distributed in South-East Asia by [[Warner Music Group]] since December 2008, while new EMI releases in China and Taiwan, were distributed under Gold Typhoon which was previously known as EMI Music China and EMI Music Taiwan, respectively. Meanwhile, the Korean branch of EMI (known as EMI Korea Limited) had its physical releases distributed by Warner Music Korea. [[EMI Music Japan]], the Japanese EMI branch, remains unchanged from the reflection of [[Toshiba]]'s divestiture to the business by EMI buying the whole branch way back July 2007, making it a full subsidiary.<ref>{{cite web|url=http://www.toshiba.co.jp/about/press/2006_12/pr1402.htm|title=Press Releases 14 December 2006|publisher=Toshiba|access-date=16 November 2011}}</ref><ref>{{cite web|title= emi minority shareholding in toshiba   |url= https://www.investegate.co.uk/emi-group-plc--emi-/rns/statement-re-toemi/200612140700038627N/ |website= investegate.co.uk  |access-date=3 October 2017}}</ref>

In July 2009, there were reports that EMI would not sell CDs to [[Record shop|independent album retailers]] in a bid to cut costs,<ref>{{cite web|url=http://www.zeropaid.com/news/86637/emi-quits-selling-cds-to-indie-record-stores/|title=EMI Quits Selling CDs to Indie Record Stores|publisher=Zeropaid.com|date=14 July 2009|access-date=13 August 2010|archive-date=23 March 2010|archive-url=https://web.archive.org/web/20100323054051/http://www.zeropaid.com/news/86637/emi-quits-selling-cds-to-indie-record-stores/|url-status=dead}}</ref> but in fact only a handful of small physical retailers were affected.<ref>{{cite web|url=http://starkmagazine.blogspot.com/2009/07/quick-moment-to-respond.html|title=Stark Online: A Quick Moment To Respond|publisher=Starkmagazine.blogspot.com|date=14 July 2009|access-date=13 August 2010}}</ref>