EMI records and publishes the work of hundreds of musical acts, including big names such as Lily Allen, Coldplay and Kylie Minogue. It was founded in 1887 and its vast back-catalogue includes everything from Edith Piaf to the Beach Boys and the Beatles. Guy Hands took the role of chairman in 2007 when his private-equity house Terra Firma bought EMI for £2.4 billion. Since then, the company has slashed costs to increase profits in the face of a plummeting CD market. Sales dropped 19% to £1,458m in 2008. Terra Firma recently said the value of its investment in EMI had halved and it has twice injected further funding.
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