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Zhou Buqi entrusted Heidrick and Struggles to do two things.

1. Select 1-2 excellent managers for Manchester United’s commercial promotion;

Second, find a CEO for Ziweixing’s sports-related digital media company.

Definitely the second thing was harder.

To select a CEO for a key business of Ziweixing, he must be a world-class manager, a world-class talent. The annual salary may not be too high, 1 million to 2 million US dollars is enough. But if options are included, the annual compensation will not be less than US$10 million.

So this matter has yet to come to an end.

You must understand not only the Internet, but also media operations, sports, and football; you must have experience in holding important leadership positions in large companies or successfully starting a business, you must be innovative and have a deep understanding of the mobile Internet, and you must be Britons under 35...

The conditions are too harsh and the hunting will have to take at least a few more months.

In comparison, finding a professional manager for Manchester United is much simpler. After more than a month, Heidrick \u0026 Struggles screened and screened 200 candidates from around the world one by one, and finally provided a shortlist of three people based on the employer's various requirements.

When Zhou Buqi came to the UK this time, he insisted on bringing Sister Bao with him, because of this list.

The three people on this shortlist of three people are all British.

Two are currently working in the United States, one is the vice president of consumer and international business for Time Warner's HBO, named Brandon Henke; the other is the director of Disney's business development department, mainly responsible for market development, named Joseph · Delap.

These two people are not top bosses in Hollywood, but middle and upper managers.

Mainly because they are young, all under 40 years old.

The other person has a lot of background.

Gilbert Lawrence, EMI's senior vice president of marketing and commercial promotion.

This is no ordinary middle-level manager, this is a real executive, and he is in charge of the most important marketing and commercial promotion. If placed in EMI Music Group, he is at least one of the top five powerful people!

Moreover, he also has the advantage that his home is in the UK and he has been working in London for many years.

Even according to Heidrick and Struggles, he is willing to take a salary cut to join Manchester United.

As expected, he is a world-class headhunter. He has found a treasure.

Although EMI is headquartered in the UK, it is a large global company. Moreover, music and film and television are inseparable, and EMI Records and Hollywood also have a close relationship.

The predecessor of EMI Records was actually transformed from Columbia Records UK, and merged with several European record companies to become today's EMI Records. Columbia Records America later evolved several times and became the current Sony Records.

In the final analysis, music is inseparable from Hollywood. It is all derived from the seven major film and television companies in Hollywood's early years.

Prior to this, Zhou Buqi had a brief exchange with Son Zhengyi.

Son Zhengyi said that it is too difficult to acquire Universal Music at this stage. Vivendi is not short of money and they do not want to leave the company in the context of a poor economic situation.

If you want to invest in the music industry, EMI Records is the best choice!

EMI Records has now reached a historic low. If it is not handled properly, there is a risk of bankruptcy at any time.

The list provided by Heidrick and Struggles just confirms this point.

Xu Baihui covets the music industry.

If Zhou Buqi and SoftBank team up to win EMI Records, Xu Baihui may not be able to do it herself. Xue Baoshan is now in charge of the copyright business of Jieyu Media.

If we really win EMI Records, Sister Bao might be able to step up!

After Zhou Buqi negotiated with her, Sister Bao agreed without thinking. It's not that she is very interested in the music industry, but it gives her a reason to fly with classmate Zhou often.

Mr. Zhou’s industries are spread all over the world, and EMI Records is also a global multinational company.

The distance between the two parties will not widen.

That night, Zhou Buqi was embarrassed to fool around with the two little secretaries. The main reason was that Sister Bao had a tender face. It would be better if they were familiar people like Wen Zhixia and Wu Yu, but not so familiar little secretaries like Sun Wanran and Feng Muer. , she couldn't let go.

Zhou Buqi restrained himself, and that night he was only affectionate and affectionate with Sister Bao, which made her very satisfied.

After the clouds cleared and the rain cleared, we started talking about EMI Records.

"I checked some information and found that EMI Records is indeed going to have trouble recently. It's quite tragic. It might go bankrupt." The charming.

Zhou Buqi hugged her gently with one hand and rubbed her back, "Bankrupt? Isn't it?"

Xue Baoshan said softly: "It may be more serious. Do you know Tai Feng Capital?"

"Well, a private equity firm in the UK is quite famous."

"Yes, the founder of Terra Firma Capital also had a Chinese name, Ge Hansi. I don't know who gave it to him. A grown man gave him a woman's name."

Xue Baoshan pursed her lips and chuckled.

Zhou Buqi asked curiously: "What happened to him?"

Xue Baoshan said: "He was the one who bought EMI Records. That happened in 2007. EMI Records was in crisis at that time. Warner Records wanted to acquire it, and the asking price seemed to be US$4.8 billion. EMI Records belongs to the British entertainment industry. After evaluation, Ge Hansi believed that the music industry was at a trough at that time, and digital music was in its infancy, which was a good opportunity to buy at the bottom. Then Ge Hansi found Citibank and launched a leveraged buyout of EMI Records."

"LBO……"

Zhou Buqi twitched the corner of his mouth.

Depend on!

No wonder you are looking for Citibank. Only American capitalists are most keen on this model. When the Glazer family had no money, it was Morgan who bought Manchester United through a leveraged buyout.

The huge debts will be borne by Manchester United.

Ge Hansi's acquisition of EMI Records seems to be the same pattern. Cooperate with Citibank, borrow money from Citibank for the successful acquisition of EMI Records in the future, and then use the borrowed money to acquire EMI.

No wonder European and American countries welcome Masayoshi Son so much!

It's also a merger and acquisition, let's see how Son plays it? What a conscience! Look at the capitalists in Europe and the United States, each one is more fucked up than the other.

Xue Baoshan said softly: "At that time, Ge Hansi invested 800 million pounds, borrowed another 2.2 billion pounds from Citibank, and assumed EMI's original 1.2 billion pounds, completing the transaction at a total price of 4.2 billion pounds."

"How much is £4.2 billion?"

"I don't know the specific exchange rate, but it's about 6.5 billion U.S. dollars."

"It's so expensive!"

"That's not all. After the successful acquisition of EMI Records, Ge Hansi carried out a drastic strategic transformation, hoping to complete the digital strategic adjustment, and invested another US$1 billion."

Zhou Buqi lamented that fate had tricked people, "The idea is right, this Ge Hansi is a talent. It's a pity that he chose the wrong time. He thought that the acquisition of EMI in 2007 was a bargain hunting, but he ended up being bought by Times."

Xue Baoshan pursed her lips and said, "Yes, after the economic crisis broke out, Ge Hansi almost went crazy and cursed the American bankers in a very shameless manner. This transaction may cost him billions of dollars."

"Isn't it?" Zhou Buqi didn't know the inside story, "Just hold on for a few more years and it will be fine. After surviving the economic crisis, spring will come. Ge Hansi should understand, right?"

Xue Baoshan said: "It's useless to understand. He is using leveraged buyout. Why is Citibank willing to support him and lend him 2.2 billion pounds?"

"Gambling agreement? Debt-for-equity swap?"

Zhou Buqi suddenly realized something and remembered something.

Yes!

Santoku seems to have said that.

When the Glazer family leveraged their takeover of Manchester United, they borrowed money from Morgan and signed a debt-for-equity gambling agreement at that time. If the loan is repaid, the loan will be converted into 40% of Manchester United's shares.

Xue Baoshan sighed softly, "Yes, debt-for-equity swap is scary."

"how?"

"If the loan cannot be repaid in time, the debt-to-equity swap is... it is 100%."

"Damn! Awesome! Really awesome!"

Now Zhou Buqi had seen the tricks of American bankers, and they were so slippery that they really screwed up the British.

In this leveraged buyout, Ge Hansi invested a total of 800 million pounds and 1 billion U.S. dollars in capital injection, totaling 2.3 billion U.S. dollars. He also assumed more than 5 billion U.S. dollars in debt and obtained 100% control of EMI Records.

Once the loan is repaid and the debt-for-equity swap terms are reached... EMI Records will become an asset of Citigroup. The US$2.3 billion that Ge Hansi had previously invested was all in vain.

However, Citigroup didn't make much money either.

In his previous life, Ge Hansi failed to repay the money, so Citibank completed a debt-for-equity swap and took over EMI Records. However, after taking over EMI Records, Citibank's bankers were not in the mood to run this record company that was riddled with holes. They chose to cut off the company and immediately split off EMI and sold it to Universal Music and Sony Records for US$4.1 billion. .

Citigroup also lost money on this deal.

Hitting the trough of the economic crisis, it can be said that all three parties failed miserably. Citigroup suffered relatively small losses, Ge Hansi suffered heavy losses, and EMI Records suffered even worse. It was split up and sold off, and a century-old company was gone.

Therefore, the greater the benefit, the greater the risk.

The potential returns from investing in music are huge, and the prospects for digital music are very bright. But the risks are also high, and you may suffer heavy losses if you don't do it.

Investing in football has little return but very little risk, such as Manchester United.

The Glazer family's leveraged buyout of Manchester United not only did not become a burden to them, but also helped the Glazer family survive the financial crisis through Manchester United's continued blood transfusion.

However, Zhou Buqi is different.

He wants to reduce the risks of the music industry and increase the profits of the football industry. Otherwise, how can he prove his excellence as a reborn person?

"It looks like this EMI record is very difficult!"

"Yes, EMI Records accounted for one-third of Terra Firma Capital's investment, but it has suffered losses for two consecutive years. His private equity business has failed and he cannot repay the loan."

Xue Baoshan was in high spirits and was looking forward to it.

Zhou Buqi said with a smile: "Our overseas industries are mainly based in Europe, and the most important thing is the United Kingdom. EMI Records is the symbol of the British entertainment industry. If it goes bankrupt or is split up, it will have a negative impact on the diversified industrial structure of the United Kingdom." The authorities definitely don’t want to see a blow. Masayoshi Son happens to be very interested in investing in the UK. It seems that we can really join forces to help the UK and save EMI.”