×

EMI spins off HMV record store chain

Music co gets $820 mil from partner Advent

LONDON — EMI Group has concluded negotiations to spin off its HMV record store chain into a new company called HMV Media Group, a joint venture between EMI and the private equity group Advent Intl. Corp. The deal should be finalized by March 31.

EMI will receive as much as $820 million through the sale but will retain approximately 45% of the new company. The remaining shares will be owned by Advent and the management of the joint venture.

The company — which will be floated in two or three years time, according to an EMI rep — includes HMV as well as the Dillons and Waterstone’s bookstore chains. Dillons was a part of HMV Group, Waterstone’s is being acquired from the retail chain WH Smith Group for $490 million.

More Biz

  • UK Producers Roundtable co-founder Loran Dunn

    Why the U.K.'s Struggling Indie Film Business Is Only Getting Tougher

    A startling one-two punch of new statistics from the British Film Institute and industry body U.K. Producers’ Roundtable have revealed the stark challenges facing the country’s independent filmmakers.  After a BFI study published in late January revealed that spending on U.K. independent film production fell by 45% to £175 million ($228 million) in 2019, a [...]

  • TV Decline Pay TV Placeholder

    Traditional Pay-TV Operators Lost 6 Million Subscribers in 2019 as Cord-Cutting Picks Up Speed

    The U.S. satellite and cable TV business declined at an unprecedented rate last year — with traditional pay-TV providers dropping a staggering 6 million customers, a 7% year-over-year decline. In the fourth quarter of 2019 alone, traditional TV distributors lost around 1.5 million subs, dropping to about 83 million total at year-end, according to estimates [...]

  • A+E Networks Renews Focus on Lifetime

    Listen: How A+E Networks Bucked the Trend and Fell Back in Love With Lifetime Movies

    In an era of overflowing choice, focus is more important than ever for traditional television executives. On the latest episode of Variety podcast Strictly Business, A+E Networks’ president of programming Rob Sharenow discusses how the cable giant pulled its flagship brands out of the ratings trenches over the past two years, thanks in large part [...]

  • Former Hollywood producer Harvey Weinstein arrives

    Harvey Weinstein Jury Rehears Testimony From Sex Assault Accuser

    The jury in the Harvey Weinstein trial asked on Wednesday to have a substantial portion of Miriam Haley’s testimony read back to them, indicating that the panel is slowly working its way through the charges against the producer. Haley testified on Jan. 27 that Weinstein invited her to his Soho apartment on July 10, 2006. [...]

  • Issa Rae Interview Variety

    Issa Rae’s Raedio Partners With Kobalt for Global Publishing Deal

    Kobalt today announced a worldwide publishing deal with Emmy-nominated actor-producer-writer Issa Rae’s company, Raedio Publishing, LLC. The global partnership with Raedio includes creative and administration services, which includes providing guidance and funding on new Raedio signings, pitch Raedio’s writers, artists and library for synchronization opportunities and provide admin services, according to the announcement. Rae has [...]

More From Our Brands

Access exclusive content