Following the news yesterday that Terra Firma had got the commitments they require to secure 90% of the shares available in EMI, enabling their takeover to go ahead, the UK's Entertainment Retailers Association yesterday called on the equity firm to clarify their intentions for the major record company they are about to acquire, saying in a statement that clarity was needed to eliminate the uncertainty that the drawn out takeover has brought to the wider music industry. The trade body's chairman, Paul Quirk, said in a statement: "Corporate uncertainty is bad for competition in the music industry and can only be bad news for music fans and entertainment retailers. On that basis, we look forward to a speedy resolution of the EMI situation".
Aug 2, 2007
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1 min read
ERA asks Terra Firma for clarity
The Entertainment Retailers Association has urged Terra Firma to clarify its plans for EMI now its takeover can proceed, citing uncertainty across the industry.