Archive for August, 2007

On August 31, 2007, the National Music Publishers’ Association (“NMPA”) and Bertelsmann AG and Bertelsmann, Inc. jointly announced a proposed settlement of litigation arising out of claims asserted by NMPA relating to Bertelsmann’s relationship with the online file-sharing service, Napster in 2000-2001. Becuase the litigation has been certified as a class action, the settlement must be approved by the court. If the court approves it, the settlement should become final in a few months.

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Terra Firma Capital Parnters, Ltd., the privity equity firm that paid $4.9 Billion for the struggling media giant, announced that EMI’s CEO Eric Nicoli and CFO Martin Stewart would be let go prior to the completion of the takeover.  Chris Roling, managing diretor for Terra Firma, will be both CEO and CFO of EMI Group (recorded music) and EMI Music (music publishing).  Roling will report directly to .Guy Hands, who will chair a board created to supervise the new entity.    Julie Williamson, another managing director of Terra Firma, will serve with Hands on the supervisory board that is being created to focus on EMI’s strategic business relationships.  Nicoli has been widely criticized in his role and the chief officer of EMI.  There are rumors that Terra Firma intends to spin off the recorded music business and retain only the music publishing divisions of the company.  Perhaps some support to this rumor is evidenced by the fact that Roger Faxon, the current CEO and CFO of EMI’s music publishing division, is the only current executive that will be retained after the transition.  Terra Firma’s managing director, Ashley Unwin, will be the director of business transformation.

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My good friend and client, Joe Meador of Grand Entertainment Group, is one of the driving forces behind Music Row Partners, the development team behind the proposed construction of a $52 million, 131,600-square-foot office condominium and residential penthouse complex at the head of Music Row.  The development is known as “One Music Row.”

The plans for One Music Row include renovation of the 6,600-square-foot Hamilton House mansion, which will feature a rumoured underground, full-service restaurant and conference space and meeting rooms for tenants.  Enveloping the mansion will be two buildings with a combined 95,000 square feet of office condos and 30,000 square feet of residential penthouses, a swimming pool expansion between the two new structures, a glass bridge between the old and new buildings, a fully landscaped, green roof and a three-floor underground garage.

Joe worked with other Music Row Partners Brian Huster, a developer from Del Mar, Calif. and Jack Climer, a real estate executive and developer from Rogersville, Mo., to buy the five properties on the northwest corner of Music Square West in order to develop One Musi Row.

 See the Tennessean article.

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My client and the Master Of Space And Time, Leon Russell, released his new album Angel In Disguise today.  The release features 11 new songs by Leon, including a special tribute to his wife entitled Sweet Mimi.  The new album is available directly from the artist’s webiste Leon Russell Records.   Support a local legend and check out his tour schedule! 

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