Playlouder - Music is the Network

Radiohead have revealed that they left EMI Records because of the new order at the company. As previously reported, EMI is now owned by venture capital outfit Terra Firma, with one Guy Hands among executives who include businessfolk most known for making sure Germanic Ginsters arrive in continental service stations on time. 

Anyway, Ed O'Brian revealed that Radiohead had buggered off because of Hands and his ilk. “It's been taken over by somebody who's never owned a record company before, Guy Hands and Terra Firma, and they don't realise what they're dealing with," he said.

"It was really sad to leave all the people. But he wouldn't give us what we wanted. He didn't know what to offer us. Terra Firma doesn't understand the music industry."

Last week Terra Firma leaked details of the ludicrous sums of money that the previous EMI bosses had been wasting on entertainment and other nonsense. The profligate execs apparently spent around £100 million on sundries including:

• A £5.6 million three bedroom house in London for former boss Eric Nicoli
• A reported £10 million severence package for one exec
• £200,000 a year for fruit and flowers for EMI's offices
• Lavish Christmas presents for EMI artists
• £20,000 a month for candles and decor at an LA apartment used by EMI artists