Uni On The Block? Uni-Ver Know
So here is the part where I riff a bit and just have some fun. This piece is definitely NOT journalism.
Universal has been dominating the trades so much that you could do an entire newsletter devoted to their activities: merging with GE, cutting CD prices to $10, discontinuing POPs, dumping the music division, dumping Emusic.com, paying off $61 million in damages for blocking Ja Rule's release, and on top of everything, being sued by former Temptation member, Barrington Henderson, for back royalties and defamation because they accused him of being a "bad singer."
Yes, it's been a rough quarter for our beloved 300-pound gorilla. So, it's no surprise that this month's announced cut back of over 1000 jobs designed to trim their bottom line of tens-of-millions in overhead, all spells real trouble for the "World's Largest Record Company." But their biggest problem: they are for sale and nobody wants to buy.
|MusicDish Network Sponsor|
With GE in formal talks to buy a majority share in Universal Entertainment from Vivendi, many thought that their previous statements about wanting to carve out the music division from the acquisition was posturing. But, it seems now they really don't want it.
My guess is Jimmy Iovine (president of Interscope-- the crown jewel of the UNI empire) is frantically looking for buyers or strategic partners to take the music division solo. Hoping to show GE that he can fire people en mass with the same vigor as he can choose his baseball caps, he made some tough decisions in the past month. But there are still no takers.
To bolster the worth of the record division he purchased DreamWorks Records this week. That's David Geffen's contribution to the deadly trio that makes up the DreamWorks dream-team of executives (Spielberg, Katzenberg and Geffen).
Whether this move means taking on more debt or more profit for UNI remains to be seen. Regardless, I think UNI (a company that reported net earnings of only $83 Million last year) will be going for fire-sale prices by the beginning of next year. So, I'm starting a fund. I figure that if every one pitches in $100, with million or so people in the music business we could assemble a fund and buy the label for $100,000,000 and allow Jimmy to keep his well-deserved seven-figure salary. Let's help save Jimmy's job and turn the "World's Largest Record Company" into the first "People's Record Label."
Send a Czech to:
"Save Jimmy's Job" (a 501c3 corp in California)
1000 Nevergonnahappen Rd.
LA CA 90022
» indieOn Connects Music to the Blockchain
» 13 Music Label Sold to MTN
» Darcus Beese Named President Of Island Records
» ASCAP Revenues Top $1.144 Billion In 2017
» BMG Appoints New Creative Directors In Nashville
News Beat Directory
» [2018-09-16] Live Nation Electronic Asia Inks Deal With Budweiser For Creamfields Festivals; Together, Creamfields And Budweiser Will Focus On Building Entirely New Content For Dedicated Electronic Music Fans Throughout Asia
» [2018-08-23] Andy Ma Appointed Warner Music China CEO; Andy Ma Has Also Been Appointed EVP, Commercial And Business Development For Greater China
» [2018-08-23] IndieOn Connects Music To The Blockchain; IndieOn Is Confident Of Creating A "music Miner" Who Listens More And Grow Their Token Value
» [2018-06-23] The 2018 MIDEM Silk Road International Music Alliance Signing; International Music Industries Signing Of A Mutual Resource Sharing Agreement With Shanghai Conservatory Of Music & The China Records Group
» [2018-06-06] Screen Music Connect To Explore The Music Of Film, Television And Interactive Media; Created By James Hannigan, Award-winning Composer And Game Music Connect Co-founder, Screen Music Connect Builds On The Success Of The Sold-out Game Music Conferences
» [2018-06-05] Fred Casimir To Develop BMG's Global Recordings Business; As Well As Building BMG's European Infrastructure, Casimir Was Instrumental In Developing BMG's Recordings Business
» [2018-06-03] 13 Music Label Sold To MTN; DSN Music Spins Off Record Label To Albuquerque Music Entrepreneur's New Group
» [2018-06-02] CISAC 2018 Annual Report; A Comprehensive Overview Of The Confederation's Work To Serve 4 Million Creators And 239 Authors Societies Across The World
» [2018-06-02] MusicDish Announces A Love Electric 2018 China Tour; The Tour Will Crisscross Through China With 12 Shows In 8 Cities, Including Guangzhou, Dongguan, Zhuhai, Shenzhen, Kunming, Jiaxin, Wuhan And Beijing
» [2018-06-02] Darcus Beese Named President Of Island Records; Renowned U.K. Music Executive To Join Universal Music Group's U.S. Label Leadership
» [2018-05-17] Avant-Garde Label Maybe Noise Launches In Beijing; The Official Launch Will Be On May 26 At Magnet Theater With A Performance Supporting Its First Vinyl Release: Píng Zč
» [2018-05-04] Award-Winning Lithuanian Rock Band Colours Of Bubbles "She Is The Darkness" 2018 China Tour; The Tour Will Kickoff In Shanghai Where The Band Will Represent Lithuania During The Country's Signing To The Silk Road Music Alliance
follow MusicDish on