Category: Financial/Legal

Citigroup Acquires EMI

EMI Group has been taken over by Citigroup, the bank who financed Terra Firma’s 2007 purchase of the music company for £4 billion. The bank seized 100% of the share capital and reduced EMI’s debt by 65% from £3.4 billion to £1.2 billion. Following this development, EMI has more than £300 million cash available. Last […]

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Firm Renamed Crownover, Blevins

Attorney Derek Crownover has added partner Allen Blevins and renamed the firm Crownover, Blevins. Crownover’s previous partner Joel Tisinger has relocated to his hometown Carrollton, Georgia and taken an in-house legal position at a healthcare technology company. Blevins and Crownover have been friends since law school. Blevins is a Knoxville native, where he previously managed […]

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EMI—The Hands Saga Continues

Financial analysts believe that there is a strong likelihood that Hands/EMI will be unable to produce the $200 million necessary to satisfy the company’s agreements with Cititgroup at the end of March 2011. If that shortfall does indeed occur, then the music business would default to Citigroup. And here is where the plot gets thicker…

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Nielsen IPO A Success

Nielsen Holdings (NLSN) concluded a successful IPO today with gains of over 9% as the company surged to $25.00 during trading hours on the New York Stock Exchange. The company which measures consumer behavior, and also gathers the SoundScan bar code information from music sales, originally offered to sell 71.4 million shares at $23 for […]

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FBMM Promotes Julie Boos, Trey Dunaway

Nashville-based business management firm Flood, Bumstead, McCready & McCarthy (FBMM) has announced that Julie Boos, business manager, Nashville; and Trey Dunaway, chief compliance officer and vice president of tax and royalties; have become vice presidents and owner/shareholders of the firm. Dunaway and Boos join founding owners Chuck Flood, Frank Bumstead and Mary Ann McCready, as […]

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Facebook Worth $50 Billion

Facebook has raised $500 million from Goldman Sachs and Russian investor Digital Sky Technologies in a deal which values the social networking company at $50 billion. According to this latest figure, Facebook is worth more than eBay, Yahoo and Time Warner. With rumors circulating about a 2012 public offering for Facebook, Goldman Sachs is expected […]

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Zumwalt Firm Embraces New Model

Entertainment law firm Zumwalt, Almon & Hayes, founded in 1975, is joining with Shackelford, Melton & McKinley creating the only law firm with offices in Nashville, Dallas and Austin. Beginning Jan. 1 the new group in Nashville will be named Shackelford, Zumwalt & Hayes. The newly combined firm brings together over 45 lawyers with experience […]

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Terra Firma Could Default on EMI Loan

News sites including London’s Sunday Times, are buzzing today (12/13) with reports that EMI Music Group may soon end up in the hands of Citigroup. The bank funded a more than $4 billion loan for Guy Hands’ private equity firm Terra Firma to purchase the record company in 2007. Sources told the New York Post […]

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Gordon Law Adds Two Attorneys

Robin J. Gordon of Gordon Law Group, PLC has announced the addition of attorneys Cynthia Wood and Caitlin Doty to the firm’s Entertainment Practice Group. Wood comes to the Music Row firm from established Jackson, Tenn. firm Waldrop & Hall. Prior to attending law school at the University of Arkansas in Little Rock, Wood worked […]

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City Paper: CMA Awards Bring $3M Economic Impact

A report by fellow SouthComm publication The City Paper shows that the CMA Awards generated an estimated $3 million in direct visitor spending (according to the Convention and Visitors Bureau). In money talk, the awards are worth only about one-eighth of the CMA Music Fest. Nashville’s biggest event draws an estimated $24 million in economic […]

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Swift, Cyrus Among Top Earning Females

Forbes’ new ranking of Hollywood’s Highest Earning Women includes Taylor Swift and Miley Cyrus. Swift comes in at No. 9 on the list with estimated earnings of $45 million. Like most entertainers who scored a slot, a significant chunk of her income came from touring and endorsement deals. According to the magazine, she grossed $54 […]

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