EMI must face music

No one can deny UK businessman Guy Hands has guts. At a time when most of the private equity industr...

No one can deny UK businessman Guy Hands has guts. At a time when most of the private equity industry is battening down the hatches, Hands has just embarked on his most ambitious venture yet - he is trying to transform the music industry. When his private equity firm, Terra Firma Capital Partners, took control of the British music label EMI Group last year for £2.4bn, many people assumed he would strip the company's assets. He could have dropped new recordings, sold the music division, fired the staff and used some clever financial engineering to make money out of its valuable publishing ...