Any Given Tuesday Takes Chicago Vacation

Happy 4th of July! I am happy to say that I am going on vacation next week with Kristen. There may or may not be posts from July 10-13 depending on whether I can either log some posts in advance to publish for those days or arrange some guest bloggers (anyone interested? Leave a comment or email me.) to cover for me. I will have internet access, but intend to use it very sparingly. We will be in Chicago, Kristen's old stomping grounds, seeing the sights and enjoying some much-earned alone time. I'm hoping to meet R. Kelly and tell him how much I love the "Same Girl" track, but if anyone else is interested in meeting up around the Hancock Building, my hotel is right across the street. No paparazzi, please.

I also need a cure for nailbiting, if anyone's got some advice. I've been chewing my nails for way too long, and it's got to stop.

Now go enjoy your Independence Day! And if you're at work, enjoy yourself immensely once you get off! You deserve it.

EMI Approves Private Equity Buyout, Universal Acquires BMG Music Publishing

EMI has approved an offer to be bought out by a private equity firm, Terra Firma Capital Partners, for $4.7 billion. A private equity purchase such as this will remove EMI from the open market, returning it to privately-held status. Investors hear lots about leveraged buyouts, which are part of private equity purchases and have been de rigeur of late. EMI's board will recommend this offer to its shareholders at a later date.

This news follows EMI's reporting a loss of near $600 million for the year, which should make the offer more attractive to shareholders. Expect massive layoffs, artists being dumped, and enhanced efforts to protect the monetization of EMI's wares (Hypebot goes so far as to speculate there might be a slowing of movement away from DRM). Private equity buys business to turn it around and make it more profitable. Whether the purchase is long-term or to resell EMI (perhaps after breaking it up into smaller businesses) in the not-too-distant future is to be seen.

Not only is EMI being scooped up, but Universal Music Group, already the world's largest music company, has been approved by the EU to purchase BMG Music Publishing for $2.09 billion. This deal makes the #3 and #4 of the big 4 publishing groups #1 over EMI. To avoid antitrust hangups, Universal has agreed to sell off the European rights to several song catalogs, including Justin Timberlake, R. Kelly, and The Kaiser Chiefs.

Reference: Yahoo Finance