EMI to cut 2000 jobs to survive

MUSIC PEDDLER EMI said it would cut up to 2,000 jobs in a bid to return to competitiveness.

The outfit said it will take a long hard look at the various labels that exist under its umbrella and attempt to cut out duplication of function. It will also try and get big brands to sponsor its "artists" tours and albums.

The troubled firm was bought by a private equity firm, Terra Firma, in August. This firm, run by City big wad Guy Hands had a good poke around the organisation and today unveiled the the way it plans to get a return on its £4 billion investment.

Said Hands: "We believe we have devised a new revolutionary structure for the group that will improve every area of the business. In short, it will make EMI's music more valuable for the company and its artists alike. The changes we are announcing today will ensure that this iconic company will be creating wonderful music in a way that is profitable and sustainable."

EMI is the former home of Radiohead, which went it alone and had a stab at flogging its latest album online for whatever punters thought it might be worth.

Other acts such as Coldplay and Kylie Minogue are reported to be considering their respective futures with the label.

EMI failed to catch on to flogging music online, like many of its peers.

Now that Apple has muscled in on that territory it has been left scratching its head before deciding to pull out the axe and start hacking away at itself. µ