Thursday, April 01, 2010

Apple Buys EMI

This was the headline on today's Lefsetz letter. It took me a minute to ponder why Apple would want EMI, then I realized it's April 1st. EMI will probably end up a lot worse than having Apple take over. It makes no sense for Apple, but the move would probably save the hanging on by a thread music company.

EMI will sink (or be turned over to Citigroup) if it doesn't receive about $200 million by June 14. It's new executive chairman Charles Allen rejected offers from Sony and Universal yesterday for the right to license (not own) the music for 5 years. Read more at the Telegraph.

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