emi: Swansong

It looks as though EMI has effectively run up the white flag. The British record company has warned on profits, sacked its two top music men and hinted at a balance sheet restructuring. With negative free cash flow in four of the past five years, a dividend cut is also possible. Having narrowly fended off two takeover approaches last year, this no longer looks like a firm with much of an independent future, or much long term shareholder support either. That may sound harsh. But in many ways, th...