EMI axing 2,000 jobs as CD sales continue to fall

GUY HANDS, the private equity owner of EMI, plans to cut up to 2,000 jobs at the ailing British music company, in a plan to rebuild the group that has sparked fury from some of its biggest acts.

Mr Hands, previously best known for investment in waste management and pubs, yesterday unveiled his plan to make the home to The Beatles more artist-driven after it was hit by online piracy, falling CD sales and a poor release schedule.

In the list of Britain’s biggest-selling albums in 2007, EMI’s highest entry was Lily Allen’s Alright, Still at 26.