The cull is well underway at EMI Music Publishing following its acquisition by a Sony-led consortium at the end of last month. As expected, EMI top man Roger Faxon and a few other top execs stepped aside as soon as the deal was done (Faxon remains chief of the EMI record company for now), though it’s thought few expected further downsizing to happen quite so quickly, even though job cuts were inevitable.
According to reports, tens of staffers at the EMI publishing firm, on both sides of the Atlantic, have already been laid off, and rumour has it the number of redundancies worldwide could top 75 by the end of the week. As previously reported, a leaked report earlier this year suggested up to half of EMI Publishing’s 515 employees could be ultimately axed as Sony/ATV teams take over rights administration duties, although it could take two years to fully trim the company down to size.
Meanwhile, Sony/ATV chief Marty Bandier has announced a revamp of the company’s management team who will oversee both the Sony publishing company and EMI Music Publishing. According to Billboard, with one exception – Brian Monaco – all of the senior managers confirmed so far come from Sony/ATV, though announcements to date have been US heavy.
Although – with Sony only actually owning a slice of the EMI publishing firm – the Sony and EMI publishing companies will remain separate entities legally speaking, it is thought in operational teams the two businesses will become pretty fully integrated pretty quickly, more so than some expected. Billboard also cites reports as saying that moving forward any new songwriters signed by Sony or EMI A&R teams will actually be contracted to both Sony/ATV and EMI Music Publishing.