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EMI chief to slash dividend by 60%

12 April 2012

RECORD company EMI will slash its dividend by up to 60% when new broom Alain Levy announces his 'major redesign' of the group this week.

According to The Sunday Times, the strategic review from Levy, the head of EMI‘s Recorded Music division, will include £60m of savings from cutting the 16p dividend that has remained unchanged for four years. The EMI board met on Friday to agree the level of the reduction.

The newspaper claims there will also be 1000 redundancies and a sell-off of non-core businesses, including a stake in German music channel Viva. The group will also dispose of some property, although it will retain the cherished Abbey Road studios in north London, where the Beatles recorded much of their material.

EMI declined to comment on the claims.

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