Rescue deal hopes for HMV
Music labels and film studios are reportedly planning to throw their weight behind a rescue deal for collapsed retailer HMV.
Entertainment giants including Universal Music, Warner Music and Sony are planning to offer HMV suitors generous credit terms and cut the price of CDs and DVDs to help keep HMV’s presence on the high street, according to reports. They are fearful the demise of HMV – the last specialist music and entertainment retail chain –will lead to even more pressures on the industry as supermarkets and online firms such as Amazon compete to slash prices.
It is thought turnaround group Hilco, which already owns HMV Canada, is currently among the favourites to rescue HMV. At stake is the group’s 92-year-old heritage and more than 4,120 jobs.