EMI stands for Electrical and Musical Industries, although there have been times in its sometimes glorious, sometimes ridiculous 90-year history when even its own staff have referred to it as Every Mistake Imaginable.
Guy Hands certainly made some spectacular ones. His biggest mistake was to treat the highly volatile and art-centred music industry just like any other business which he and his predatory investment group could steam in, take over and run better than its incumbents. The original intention was to consolidate assets whilst streamlining the business with cost cutting and restructuring. The assets themselves had other ideas. Radiohead, The Rolling Stones and ex-Beatle Sir Paul McCartney were amongst the most high profile of EMI’s artists to take themselves elsewhere in a huff.
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