Why Crap Bands Get Record Deals Part 47

(TuneLab) Private-equity firm Terra Firma, the company that acquired record company EMI in May, is now trying to attract investors by floating a plan that includes drastic cost cuts at the struggling label, according to a story in The New York Post. Terra Firma is considering slashing EMI's fixed costs by $223 million.

Under the proposal, EMI would slice $58 million from its A&R and marketing budget. The savings would come from requiring talent scouts to rely more heavily on sites such as MySpace to find talent.

The company would also use social-networking sites to promote acts. The plan is only under consideration and final decisions have not been made, one of the label's spokesmen told CNET News.com. - more on this story

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