LONDON, Feb. 19 (UPI) -- Officials at London-based EMI said the group may sell its recorded music division to avoid a hostile takeover.
EMI previously said its record division is facing a 15 percent drop in revenues, which caused the group's share price to plummet, leaving it vulnerable to a takeover, Variety said Monday.
In a bid to cut costs, EMI said it is going through a staff reduction, which will result in about 1,000 positions. Before the restructure effort, the company employed about 6,300 people worldwide.
EMI has labels such as Angel, Blue Note, Capitol, Parlophone and Virgin and acts that include the Beatles, Coldplay, Norah Jones, Joss Stone, Janet Jackson, Robbie Williams and Radiohead. Observers said the sale of the record division -- or parts of it -- would spark interest among EMI's rivals, Universal Music, SonyBMG and Warner Music.
Warner Music has been interested in pursuing a merger with EMI for several years and is thought to be preparing another bid in the coming weeks.
