This gives us the strength to move forward and pursue our strategies, and you know what that is from covering us … without hearing the rumble of covenants and have that sort of thing that has been hanging over our head. We have plenty of headroom on our loan covenants and lots of liquidity. We are now well positioned and this gives us the ability and firepower to invest where we need to to drive growth for the business. We are not satisfied with a slow decline we are only satisfied with growth.īillboard: But Citigroup is not a long-term owner …įaxon: It’s pretty clear that Citigroup will not sell CDs … It’s not a comfortable place for a music business to sit. In due course, we of course are going to get sold. But it will be an orderly and profitable process. Many other music businesses will also be sold in due course.
Sean 'Diddy' Combs Partners With Motown Records for First Album from His R&B Label Love Recordsīillboard: How is the plan to transform EMI into an artist-focused global rights management business going?įaxon: We know and believe that our business model and the approach we are taking to the future of the business will deliver the greatest value. We have started to demonstrate that, and the past six months have been pretty telling.
We aren’t yet into the full implementation of that strategy we have described. But we are making good progress and getting good outcomes.īillboard: So it seems obvious that Citigroup is invested in you running the business?įaxon: What they have said is that they do believe in the management team at EMI across both businesses and across the whole of the business, and not just in me. One of the things that makes EMI what it is is that we are a team. They think we have a great team and they are willing to back it.īillboard: Is Citigroup asking for any cutbacks?įaxon: is not asking for any change in the business or in the strategy that we are undertaking … and they are not asking for cutbacks. They are asking for us to deliver on the strategy we have. And that strategy means we are trying to mold the business in a way that will shape the future. They understand that there has to be investment to drive the business.