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Pulses Race as UK Music Giant EMI Swings into New Routine.
Knight Ridder/Tribune Business News, April, 2004
By Lucy Farndon, Daily Mail, London Knight Ridder/Tribune Business News
Apr. 1--EMI shares hit a 12-month high, as the music giant promised to save UKpound 50m by slashing jobs and getting rid of a fifth of its recording artists.
It will stop making its own CDs and DVDs in Europe and the US and plans to focus on bigger, profitable artists such as Norah Jones, Robbie Williams and the Rolling Stones.
Relief that EMI is taking tough action sent the shares up 20 1/2p to 277 1/2p, valuing the group at UKpound 2.2bn.
Like the rest of the music industry, EMI is struggling to cope with internet piracy and falling sales. It has failed to secure a merger despite repeated attempts.
Last year it bowed out of the bid-ding for...
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