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EMI Scales Back Asia Market OperationsMUSIC group EMI is scaling back its activities in Asia as it seeks a joint venture partner in the region. It is a further sign that struggling EMI, home to Robbie Williams and The Beatles, will maintain a physical presence in fewer markets under private equity owner Terra Firma, which paid £3.2 billion for it last year. The company is considering a series of options for its southeast Asian business, one of EMI’s smaller regions, with revenues of just over £100m last year. In its last annual report, EMI admitted that widespread piracy was taking its toll on sales there, although the division “continues to deliver acceptable profit levels”. CD distribution is already handled by third parties in Indonesia and the Philippines. Local reports say its Hong Kong office will be closed. “EMI remains fully committed to the Asian music market and we are currently exploring a number of options for growing our business in the region in a more profitable way,” said Jean-Francois Cecillon, the president of EMI Music International. “Those options include partnering with another company or companies.” No change is expected before July. EMI’s business in Australia, India and Japan – where it bought out partner Toshiba for £90m in late 2006 – will not be affected. Tag CloudExternal InformationAdditional Information’Peacemaker’ Ban takes the UN reins...In brief: Somali pirates; Sri Lanka clash; Saddam’s No 2... Report That Taliban Killed Seven Hostages Is Disputed... President’s HQ under fire as threat of poll sparks violence... Where Am I?News Main Page - Business - EMI Scales Back Asia Market Operations |
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