PwC helps with £1.4bn EMI takeover bid
PricewaterhouseCoopers is helping broker a £1.4bn bid for 'Lucky' Jim Fifield to lead a takeover bid for EMI.
Link: EMI: Facing the music
The music firm – which boasts a string of top artists including Robbie Williams, Kylie Minogue and Norah Jones – helped get Jim Fifield his nickname, after it awarded the departing head of its music division a £12m compensation package. Fifield left when he was denied the top job as EMI chief executive.
PwC corporate finance partner Peter Jacobs is understood to be involved in rallying support from venture capital companies for Fifield’s bid.
The bid comes at a crucial time for EMI as it continues talks to buy Time Warner’s Warner Music arm.
Prior to his payoff from EMI five years ago, Fifield earned £7m a year as boss of the music division. In his next venture, which was based in California, Fifield went on to invest £8.5m in sports equipment manufacturer North Face, where he became chief executive.
As interest in EMI mounted, Dutch media tycoon John de Mol increased his stake last week from 3.7% to 4.1%.
