EMI posts profits slump
UK music group EMI, currently engaged in merger talks with German media group Bertelsmann, posted a 30% slump in first-half pre-tax profits to £59.1m from £86.5m for the same period last year.
LONDON (Brand Republic) – UK music group EMI, currently engaged in merger talks with German media group Bertelsmann, posted a 30% slump in first-half pre-tax profits to £59.1m from £86.5m for the same period last year.
EMI, which represents The Beatles and Robbie Williams, marginally beat analysts forecasts of £57.5m. Revenues increased by 5.9% to £1.14bn.
The group said that it was still reviewing the regulatory position of its failed merger attempt with Warner Music.
It admitted it had, however, approached Bertelsmann about a merger with the German media giant’s BMG music division. The discussions, the company said, could take weeks to reach an agreement.
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