Earnings Blitz: EMI Losing Billions; Boyle Bumps Sony Music

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And the latest major label earnings?

Just moments after news spread of a bailout attempt by Terra Firma, EMI Music reported a staggering, 1.56 billion pound ($2.48 billion) net loss for the fiscal year ending March of 2009.  That compares quite unfavorably to a loss of 412 million pounds ($649 million) recorded during the earlier period, though the recent period includes an impairment charge of 1.04 billion pounds ($1.64 billion).  Significant restructuring charges also contributed heavily to the drop.

Separately, Terra Firma also confirmed that it will have difficulty meeting upcoming debt covenants.  The private equity firm is attempting to rally  cash to cover upcoming shortfalls in its loan agreements with Citigroup.

That all sounds horrific, though the story was vastly better at Sony Music.  As part of a larger financial disclosure by parent Sony Corp., the music properties of Sony Music Entertainment, Sony Music Entertainment Japan and the 50 percent share of Sony/ATV collectively showed operating income of 23.1 billion yen ($255.4 million) during the recent quarter, up 8.2 percent.  Big sellers like Susan Boyle, Michael Jackson and Alicia Keys helped to boost the total.