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Terra Firma’s grand restructuring plan for EMI is stalling because of stipulations lurking within the contracts of both artists and senior management, according to sources inside the company; certain artists may leave if their chosen EMI liasions depart the company (thanks to the not-sexist-at-all “key man” clause), while some upper-level employees are allowed to walk “if their responsibilities change or if the company comes under new ownership or management.” EMI’s reps are denying this, saying that the plans to reconfigure the company are on schedule, but this, my friends, is why you should always hire a lawyer before you sign anything. [Reuters]
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I love when it’s the big company that gets screwed by the contract rather than the artists always being screwed. Doesn’t happen near often enough.
The only thing I care about when it comes to EMI is all those amazing masters of Nigerian and Ghanian artists they recorded in the 60s and 70s that they’ve been sitting on for decades – which will never see the light of day anyway no matter what group of corporate fuckwits runs the shop.