Actually WMG has elected to sit this one out as well. Perhaps in "12-18
months when the label side will be worth a lot less" and can be had for
a pittance Warner Music Group will get back in the game. Strangely, the
move /not/ to tender an offer for EMI actually helped pull the WMG stock
price out of the death spiral it was in. It has rebounded to $15 a share
from its all-time low the day before of $13.
Given these well established facts maybe it's really Steve that's not
reading the business news...
Steve Abrams wrote:
> Wrong! The bid from Terra Firma was decisively rejected by EMI
> shareholders. It was only taken up by 3.6% of shareholders. There is
> likely to be a new bid from Warners and that may well be successful.
> Don't you read the business news?
> ----- Original Message ----- From: "Tom Fine"
> <[log in to unmask]>
> To: <[log in to unmask]>
> Sent: Thursday, July 19, 2007 2:03 AM
> Subject: Re: [ARSCLIST] 78s, SoundExchange, & SaveNetRadio-Tom & Mal
> I would hope, given that all but EMI of the major record companies are
>> publicly-traded (EMI is about to be bought by a private-equity firm),
>> that the dealings of their industry association is aimed at maximum
>> long-term sustainable profits for the companies, and killing off a
>> source of revenue is not good business.
>> -- Tom Fine