EMI to Cut 2000 Jobs, Focus on Catalog

From Joseph Schuman, Wall Street Journal:

EMI tomorrow plans to announce a restructuring that could cutup to 2,000 jobs and emphasize the profitability of its catalogue -- with the likes of the Beatles, the Rolling Stones and Norah Jones -- rather than its recorded-music division, the Times of London reports. Guy Hands, head of Terra Firma Capital Partners, which acquired embattled EMI last year, is expected to stress how half of the company's profits come from the catalogue division, which employs 1,100 people, compared with the 4,500 who deal with newly recorded music, the Times says. Mr. Hands wants to centralize sales, marketing and other support functions and also scrap EMI's current bonus regime for managers -- which is based on album shipments -- and replace it with one based on group profits, the paper adds.

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