They were doing fine when I was working for its major competitor, AEI Music, back in the late '80s. Muzak's biggest problem was the stigma attached to its name, which basically was equated with characterless elevator music. In recent years, they were programming original artist hits for their clients rather than tepid instrumental covers of hits.
From: Schooley, John <[log in to unmask]>
To: [log in to unmask]
Sent: Wed, 11 Feb 2009 2:44 pm
Subject: [ARSCLIST] Muzak is bankrupt
"Bankruptcy documents showed Muzak owes its largest creditor -- U.S.
Bank -- about $370 million, nearly all of it due this year."
I remember reading an interview with the founder of Muzak in "Hard
Times", Studs Terkel's collection of Great Depression oral history.
While many of the interviewees in that book obviously had it rough in
the 30's, the Muzak guy was one of the few who was a huge success. This
company was founded in 1934 and did very well during the depression.