EMI Retreads Into “Rights Management Company,” Faxon Takes Over

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The emergency funding is in the bag.  So now what?

According to details confirmed to Digital Music News on Friday morning, EMI Group – meaning EMI Recorded Music plus EMI Music Publishing – is retreading itself as a “comprehensive rights management company.”

Roger Faxon, chairman and CEO of Publishing since 2007, is being named the new EMI Group CEO.  Sounds like one tough rescue mission.  “I believe that the two divisions working in concert with one another as a global rights management business, can and will deliver for the artists and songwriters that we are privileged to work with now and in the future,” Faxon relayed.

But wait.  Is a “comprehensive rights management company” simply a well-dressed version of a “360-degree company”?  In its description of the retread, EMI noted that it would “take full advantage of all global opportunities in all markets for music,” a familiar pitch.  “More music is being used than ever before, despite the continued decline in global music revenues,” the company continued.

Others are also shuffling. Charles Allen, formerly non-executive chairman of EMI Recorded Music, will become an adviser to EMI and its shareholder, Terra Firma.  Stephen Alexander will become Chairman of Maltby Capital, the holding company of EMI.  And Lord Brit will “move on to other Terra Firma assignments.”