Terra Firma's Guy Hands has revealed a massive overhaul at EMI as the label comes to terms with the digital age.

Terra Firma's Guy Hands has revealed a massive overhaul at EMI as the label comes to terms with the digital age.

Over 2000 jobs will go as the marketing, distribution and sales are merged and the Group said the restructuring included measures to eliminate "significant" duplication within the Group which will streamline A&R and talent spotting, will maximise existing artist potential and will help artists open up new income streams such as corporate sponsorship. 

The cuts, which could affect up to a third of its workforce, will be focused on the group's recorded music division in an effort to save £200million per annum as the private equity group comes to terms with the loss making label against a backdrop of a global credit squeeze. Terra Firma paid £3.2billion for the Group (including the profitable music publishing division) last year.