Chicago Daily Chronicle (2025)

08/06/2023

GameStop fires CEO, names Ryan Cohen executive chairman, shares fall

https://chicagodailychronicle.com/gamestop-fires-ceo-names-ryan-cohen-executive-chairman-shares-fall/

Ryan Cohen from an appearance on CNBC.

CNBC

GameStop fired its CEO Matthew Furlong and appointed its chief executive Ryan Cohen as executive chairman, effective immediately, the company announced on Wednesday.

GameStop’s shares fell more than 20% in extended trading after the video game retailer announced the cancellation. The company broke the news on the same day it reported a decline in revenue and a reduction in loss in the fiscal first quarter compared to the same period last year.

The company did not give a reason for the layoff, but did cite the change in its quarterly securities statements.

“We believe the combination of these efforts to stabilize and optimize our core business and deliver sustainable profitability while focusing on capital allocation under Mr. Cohen’s leadership will enable continued long-term value creation for our shareholders,” the filing reads.

Cohen acquired a stake in GameStop in 2020, and in January 2021, he and two other former Chewy executives were named to the retailer’s board of directors under an agreement with company management. According to the filings, his investment firm RC Ventures currently owns an 11.9% stake in GameStop.

In a separate securities filing, GameStop announced that Furlong was fired Monday and that he was allowed payments and benefits “in connection with termination without cause.” On the same day, Furlong also resigned from the company’s board of directors, reducing it to just five members.

The filing states that Cohen will be responsible for allocating capital, evaluating potential investments and acquisitions, and overseeing managers of GameStop’s holdings.

In a cryptic tweet posted about half an hour after Furlong’s firing was announced, Cohen wrote, “Not for long.”

The activist investor and Tough The founder is known for hardly speaking publicly and for making vague statements on the Internet.

The decision to divest Furlong comes just months after GameStop, which he led, reported its first quarterly profit in two years.

A GameStop store will open on March 16, 2023 in a mall in Chicago, Illinois.

Scott Olson | Getty Images

As part of the leadership transition, Alan Attal, a former Chewy executive and current GameStop board member, was named senior independent board chairman, the filing said.

GameStop General Counsel Mark Robinson has been appointed as the retailer’s general manager and chief executive officer. His responsibilities include “administrative affairs, corporate development, legal affairs and the support of GameStop’s holdings, including oversight of other officers.” [Cohen]it says in the file.

Robinson will report directly to Cohen and will continue to serve as GameStop’s general counsel and secretary.

Furlong was named CEO of GameStop in June 2021 when the company was in the early stages of a turnaround plan. The former Amazon exec was appointed as GameStop transitioned from a longtime brick-and-mortar retailer to an online player able to compete with rivals like Walmart, Sony and Microsoft.

Prior to his tenure as GameStop’s CEO, which lasted approximately two years, Furlong spent nearly nine years at Amazon, most recently leading the growth of its Australian business. Previously, he served as technical advisor to the head of Amazon’s North American consumer business and worked for Procter & Gamble.

Furlong could not be immediately reached for comment.

The announcement coincided with the release of GameStop’s fiscal first quarter results. For the three months ended April 29, GameStop reported revenue of $1.24 billion, compared to $1.38 billion in the same period last year. Net loss narrowed to $50.5 million, or 17 cents a share, compared to $157.9 million, or 52 cents a share, a year earlier.

Sales in the U.S., Canada and Australia fell 16.4%, 18.5% and 8.9%, respectively, compared to the same period last year, while sales in Europe rose 26.2% year-on-year, as per the quarterly Submission by GameStop.

The company attributed the decline in sales to currency fluctuations, less significant launches of gaming titles and weak sales of used software, hardware and collectibles. In the collectibles category, where GameStop has the ability to drive long-term growth, revenue fell to $173 million compared to $220.9 million in the same period last year.

The company incurred $14.5 million in transition costs related to its restructuring efforts in Europe. It has been noted that further transition fees will be incurred in the current quarter.

GameStop has improved its margins by cutting costs drastically. Selling, general and administrative expenses were $345.7 million for the quarter, down from $452.2 million in the same period last year.

In a press release, the company said it would not hold a conference call to discuss quarterly results.

Read the full results announcement here.

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2023-06-07 23:46:30

www.cnbc.com

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08/06/2023

Italy is a bargain for vacationing Americans. Not so much for Italians

https://chicagodailychronicle.com/italy-is-a-bargain-for-vacationing-americans-not-so-much-for-italians/

woman and child outdoors. Mom and daughter are resting on the beach. Rimini, Italy.

Alex_ugalek | Istock | Getty Images

RIMINI, Italy – The seaside city of Rimini is Italy’s Jersey Coast: there are more than 40 miles of sandy beaches from here to the port city of Ancona in the southeast.

It is made famous by his local son, Federico Fellini, who grew up in the city and featured it in several of his films including Amarcord.

The Emilia-Romagna region is synonymous with Italy’s biggest export hit: La Dolce Vita, the good life with wine, food, good-looking people and fast cars.

As soon as you reach the beach, you can feel the dolce vita: the first thing that’s obvious are the beach bars, hundreds of them, where thousands – clad as sc****ly as possible – wash down oceans of spritzers of Aperol, Negronis and Italian white wine for 5 euros ($5.35) a jar.

Add to this the food that has made this region one of the foodie capitals of Europe.

People flock to the cities of Parma, Modena, Bologna, Ravenna and Rimini to eat the Parma ham (prosciutto), cheese (parmesan, of course) and pasta in myriad variations, but most notably tagliatelle, tortellini and lasagne, all made by Hand.

It is also the industrial heart of Italy, where Ferraris, Maseratis and Lamborghinis are made.

The Jersey Shore, but not

Unlike the Americans, the Italians don’t just throw away their beach bag and dive into the sea.

The Italians built small towns on their beaches, and there is a record.

Here you can rent a beach chair and a parasol from the Cabana Boys. The chairs and umbrellas are arranged in neat rows, almost three dozen, all numbered, that stretch to the Adriatic Sea, almost a quarter of a mile from the road.

“Long rows of umbrellas in Cattolica, Emilia Romagna, more beach pics from Italy:”

Anzeletti | E+ | Getty Images

And it is the Adriatic that everyone comes for. It separates the Italian peninsula 100 miles east of Croatia and Albania. Like the Atlantic, the Adriatic lacks the clear blue waters of the Mediterranean, but what it lacks in color it makes up for in temperature (already 67 degrees), tranquility and accessibility (Bologna is less than an hour away).

With so much money, so much sun, so much water, and so much food and wine, you’d think life would be one endless party, but Italians don’t seem very happy these days, and with good reason.

A bargain for Americans, but not for Italians

Italy is heavily dependent on tourism. More than 2 million Italians are employed in the tourism sector, about 8% of total employment.

The good news: the tourism business is booming.

A taxi driver in Bologna told me that business was “incredibly good”: “It hasn’t stopped since Covid. Not even in winter. Tourists keep coming.”

A gondolier in Venice, an hour north, told me that all 433 gondoliers in Venice worked full-time, even through the winter.

“The gondolier’s business has been very good over the last year,” he told me, despite charging €120 for a 45-minute gondola ride in the narrow, water-filled canals behind St. Mark’s Square.

This flow of tourists is greatly encouraged by the presence of the Americans. While Europeans, particularly French and Germans, make up the largest group of foreign visitors, Americans do something their European brethren don’t: they tip really well.

“We love Americans,” a waiter in Modena said to me after I tipped him 10% for exceptional service.

For Americans, Europe in general, but the smaller cities of Italy in particular, are of great value. At one point last year the dollar was level with the euro. Even today, the continent is still a relative bargain with a euro of around 1.07 dollars.

Prices will be higher during peak summer season, but currently you can get a good hotel room within walking distance of the beach in Rimini for 100-200 euros ($107-214). At the famous Grand Hotel Rimini, built in 1908 and the scene of several Fellini films, you can meet at the famous pool or on the hotel’s private beach for between $200 and $400 per night depending on the day of the week.

On the beach, at Il Circolino restaurant, you can get a pasta course (tagliatelle al ragu – it’s amazing) for 12 euros ($13) and main courses like chicken or seafood like polpo (octopus) for 15-22 euros ($16). $24).

These are the high-end places.

It’s a bargain for Americans, but for most Italians, even those prices are prohibitive.

“Business is good on Thursday, Friday and Saturday, but a lot depends on the tourists,” a restaurant manager told me.

The problem, he said, is that the good life that made Fellini famous is becoming increasingly out of reach for ordinary Italians.

It’s all about the taxes

“The average Italian earns around 20,000 euros a year here [$21,400]” he told me. He’s probably talking about those who work in the service industry. An average salary in Italy in 2021 was about 29,000 euros (about 31,000 US dollars), according to OECD statistics. This is still below the European Union average of around 33,000 euros.

viewapart | Istock | Getty Images

But his face really got sour when he started talking about the topic that binds every Italian: taxes.

you are high Very high. Italians pay three taxes: national income tax (including 9.2% social security contribution), regional taxes, and municipal taxes. The income tax rate is progressive: the top income tax rate is 43%, above the European average of 38%.

“If an Italian pays all his taxes, he could give more than half his income to the state,” the manager said while clasping his hands and shaking them, Italian for “I can’t believe we did this.” pay.” a lot.”

No wonder so many wages are paid under the covers. Italy has a famous black market economy.

The problem is what’s left to live on. Rents in Rimini are 550-650 euros (about US$590-700) per month for a tiny one-bedroom apartment. That’s about 40% of a manager’s net pay.

No wonder 62% of young Italians (25-29) still live with their parents.

No wonder even a 12-euro plate of pasta can seem a bit extravagant.

Not surprisingly, the manager said the company is increasingly reliant on wealthier Germans, Brits and Americans.

“Italy is wonderful for Americans, but it’s impossible for an Italian to visit America,” he said.

Italians are leaving the country in search of opportunities

High taxes. Low average income. High inflation (8% per year).

Life has become so difficult that many young Italians continue to leave Italy to seek opportunities elsewhere.

Five million Italians now live abroad.

Another key driver: lack of job growth.

I had lunch with a family, a woman and her two children, in Padua, a university town about an hour northwest of Rimini. Both children, aged 24 and 31, live at home with their mother.

The oldest has been working for a software company in Denmark for a number of years. He has been visiting family but was planning to return to Denmark this week. His sister, who worked in the US for a year, is studying architecture in Venice but admits she might want to go abroad to complete her studies.

“I think it would be better to go abroad to get more experience and maybe get better job offers,” she told me.

Conclusion: Italy’s biggest export hit, La Dolce Vita, is still alive. The sun, the wine, the food, the amazing people, everything is still there.

It is becoming increasingly difficult for the locals to participate in this great export.

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2023-06-05 13:12:14

www.cnbc.com

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08/06/2023

5 Takeaways From Mike Pence’s CNN Town Hall

https://chicagodailychronicle.com/5-takeaways-from-mike-pences-cnn-town-hall/

Former Vice President Mike Pence capped his first full day as the declared presidential nominee with a CNN town hall Wednesday night in Iowa, where he presented himself as a seasoned, traditional conservative.

But his challenges in a Republican primary field dominated by former President Donald J. Trump were evident throughout the roughly 90-minute event.

Mr. Pence immediately sought to align himself with the Trump administration’s actions, which were hailed by many Republicans, while also providing both explicit and indirect contrasts to Mr. Trump, the front-runner for the nomination. It’s a difficult balancing act for any Republican candidate, but especially for Mr. Trump’s former vice president, who has had little traction in the polls so far.

He also attempted to position himself as the leading social conservative in the race, citing Scripture and emphasizing his opposition to abortion and transgender rights.

“I put my arm around her and her parents, but before they had to undergo any chemical or surgical procedure, I said, ‘Wait, just wait,'” Mr Pence said when asked about his opposition to gender transition care for young people , even if their parents agree.

Here are five insights:

Trump’s legal troubles were a touchy subject.

Some of the Republican candidates for 2024 have struggled to distance themselves from Mr. Trump, who has a firm grip on part of the Republican base.

Mr Pence raised the issue early on at City Hall when asked about the possibility of further charges against Mr Trump. Federal prosecutors have informed Mr Trump’s legal team that he is the subject of an investigation into his handling of classified documents after leaving office.

“It would be terribly divisive for the country,” said Mr Pence, saying he “hope” no charges would be brought. “It would also send a terrible message to the whole world.”

He added, “No one is above the law” when asked if he thinks prosecutors shouldn’t press charges, even if they believe Mr Trump committed a crime. But he pointed out that the situation surrounding Mr Trump presented “circumstances unique here”.

Asked if, as President, he would pardon Mr Trump if convicted of a crime, Mr Pence was instead light-hearted about his chances in the race.

“I’m not sure if I’ll be elected President of the United States,” he said. “But I think we have a fighting chance. I really believe we do.”

Mr Pence was himself under scrutiny for storing documents, but the Department of Justice declined to press charges.

He was more outspoken in his criticism of Trump regarding January 6th.

Hours before City Hall, Mr Pence voiced his strongest condemnations yet against Mr Trump and exercised him for his actions on January 6, 2021.

Mr Pence, who in 2016 helped legitimize Mr Trump in the eyes of some conservatives and has long been his staunch deputy, dismissed Mr Trump’s pressure campaign aimed at effectively rejecting incumbent President Biden’s victory in the Electoral College. Some members of the pro-Trump mafia that attacked the Capitol that day threatened him with “Hang Mike Pence.”

During the town hall meeting, moderated by Dana Bash, Mr Pence again made it clear that he and Mr Trump had “a difference” in their approach to the 2020 election results.

“That hasn’t changed,” he said. “But there are also profound differences about the future of this country, the future of the Republican Party.”

Asked if he would consider pardoning those who attacked the Capitol, as Mr Trump has suggested, Mr Pence said: “I have no interest or intention of pardoning those who have attacked police officers or vandalized our Capitol .” You must answer to the law.”

The statement provoked barely audible reactions from the audience.

He associated himself with key decisions made by the Trump administration.

While Mr. Pence highlighted areas of disagreement with Mr. Trump, he also spoke frequently about their time together in the White House while speaking on subjects as diverse as immigration, abortion and the pandemic, thus highlighting the challenge of having a similar one Record to run a political rival close.

“I could not be prouder to have been Vice-President of a government that appointed three of the judges who made Roe v. sent Wade to the ashes of history where he belongs,” he said.

Elsewhere, he said, “I’m proud of everything we’ve done during our tenure to stand by families and businesses amid the worst pandemic in 100 years.”

He frequently made advances to evangelical voters.

Mr. Pence, the former Indiana governor, is a man of deep faith, and his allies see an opportunity to connect with evangelical voters in Iowa, the leading factional state home to many socially conservative voters.

Mr. Pence spoke about his personal journey of faith and supplemented his remarks with references to the Bible. He also emphasized his opposition to abortion rights, promising that “we will not rest or back down until we have brought the sanctity of life back to the heart of American law in every state across the country.”

“When I have the great privilege of being President of the United States, I will support the cause of life at every level,” he said, while acknowledging that “we still have a long way to go to close hearts.” win.” Thoughts of the American people.”

Some Republican presidential candidates have been reluctant to provide details of their positions on abortion policy, or have tailored their approach to the target audience. Mr Pence appeared keen to discuss the issue, but he faces stiff competition for voters, which is often the issue of most concern. White evangelical voters eventually became one of Mr. Trump’s most important constituencies, and many other candidates, including Florida Gov. Ron DeSantis, are competing fiercely to gain a foothold with these voters.

At times he sounded like a pre-Trump Republican.

Citing former President Ronald Reagan, Mr Pence raised concerns about spending and advocated a forceful foreign policy that emphasized American leadership in the world.

Throughout the night, he often sounded like a pre-Trump Republican candidate.

“It’s also disappointing to me that Donald Trump’s position on entitlements reform is identical to Joe Biden’s,” Pence said while speaking about the social safety net.

He rebuked both Mr Trump – and, more indirectly, Mr DeSantis – for their stance on Ukraine.

“When Vladimir Putin came to Ukraine, the former president called him a genius,” Pence said. “I know the difference between a genius and a war criminal.”

Elsewhere, he said with a dig at Mr. DeSantis, “I know that some in this debate have referred to the war in Ukraine as a territorial dispute.” It is not.” Mr. DeSantis, who used that term, has since attempted to to clarify this description by also referring to Mr Putin as a war criminal.

And despite his own involvement in the First Step Act, bipartisan criminal justice reform during the Trump administration, Mr Pence has expressed a tough stance on crime. “I honestly think we need to take a step back from the First Step Act approach,” he said.

As the event drew to a close, Mr Pence was repeatedly pressed about how he would balance the portrayal of Mr Trump as a threat to the Constitution with his pledge to support the Republican nominee. Mr Pence did not respond directly, stressing: “I don’t think Donald Trump will be the nominee.”

Source link

2023-06-08 05:10:40

www.nytimes.com

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08/06/2023

Peermusic Nashville Signs Bruno Mars Co-Writer Karl Michael

https://chicagodailychronicle.com/peermusic-nashville-signs-bruno-mars-co-writer-karl-michael/

Photo Credit: Jeremy Cowart

Peermusic Nashville has signed a global co-publishing agreement with artist and songwriter Karl Michael, Bruno Mars’ co-writer on the Vamps hit “Can We Dance.”

Peermusic Nashville has announced a global co-publishing deal with English songwriter and artist Karl Michael, who moved to Nashville in 2020 to pursue his music career. Karl Michael has already written with some of the biggest names in music, having co-written the Vamps’ hit “Can We Dance” with Bruno Mars, which racked up more than 81 million streams on Spotify.

“I’m very excited about Karl Michael coming to Peermusic. Karl is one of the best singers in town and writing some of my new favorite songs,” says Michael Knox, President of Peermusic Nashville. “You can feel his energy and excitement when he is in the building.”

“Working with the team at Peermusic is a dream come true. This is a team of outstanding music publishers, and to be able to leverage their global reach and network is a great opportunity,” says Karl Michael.

“Karl’s talent is undeniable. I can’t wait to see what he does next, and I’m thrilled that he has joined the Peermusic roster,” adds Kathy Spanberger, President & Chief Operating Officer of Peermusic Anglo American Region. “We know that we can leverage our global network of offices to help further the impressive impact he has made in a short amount of time. The support he’s receiving from other artists and the creative community is really exciting.”

The Peermusic team will support Karl Michael as a writer for additional projects, get him involved in writing for sync opportunities, and work with him as a recording artist and singer/songwriter.

Michael’s other past and current collaborators and co-writers include Yungblud (“Loner”), Teddy Swims (“Liar”), Mitchel Tenpenny (“Save Me”), Dallas Wilson, Spencer Rabin, On The Outside, and more. The official music video for his single, “Highs and The Lows,” from his solo album of the same name, can be seen below:

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08/06/2023

30+ Music Industry Organizations Urge Ticketing Reform to Replace the ‘Nightmare Fans and Artists Currently Navigate’

https://chicagodailychronicle.com/30-music-industry-organizations-urge-ticketing-reform-to-replace-the-nightmare-fans-and-artists-currently-navigate/

Photo Credit: Fix the Tix Coalition

30+ Music industry organizations urge ticketing reform to replace ‘nightmare fans and artists currently navigate’ with the Fix the Tix plan.

Fix the Tix, a coalition of more than 30 national organizations representing the live entertainment, music, and performing arts industries, has released a plan outlining a roadmap for comprehensive ticketing reform. This pro-artist and pro-consumer plan provides a clear path for Congress to address urgent issues and restore trust in the ticketing experience for fans and artists alike.

The current ticketing market exposes fans and artists to predatory resellers, fraudulent practices, and exorbitant prices. To combat these challenges, Fix the Tix calls on Congress to enact federal legislation that safeguards consumers from fake and speculative tickets, price gouging, and deceptive practices while ensuring transparency and integrity in the ticketing marketplace.

The Fix the Tix plan includes provisions to protect consumers from price gouging, ban speculative and fake tickets, end fraudulent resale practices, ensure transparent ticket pricing, prioritize fan safety, guarantee fans the opportunity to resell their tickets to recoup their costs, provide certainty in ticket-buying across the country, further ban ticket-buying bots, and protect consumers from consolidation.

The plan is backed by a coalition of groups representing artists, actors, live entertainment workers, venues, festivals, performing arts, record labels, promoters, agents, managers, songwriters, consumers, and unions. Supporters include The Recording Academy, Universal Music Group, National Independent Venue Association (NIVA), EventBrite, RIAA, Artists Rights Alliance, and many more.

“This coalition represents stakeholders who take on all the risk to create once-in-a-lifetime experiences and bring joy, employment, and economic impact to communities across America,” announces the collective. “We are coming together to protect fans from price gouging and deceptive and predatory ticketing practices. There will be more to come from our coalition soon.”

This comprehensive plan reflects the Fix the Tix coalition’s commitment to equitable and accessible ticketing experiences for all consumers. Fix the Tix pledges to “mobilize the industry, artists, consumers, and communities nationwide, working on a bipartisan basis, to advocate for the passage of this crucial legislation by the end of this Congress.”

The coalition was formed following public legal scrutiny the ticketing agency and Ticketmaster have faced for its practices. The Senate Judiciary Committee calls Ticketmaster and its parent company Live Nation a “monolith in live entertainment that needs to be restructured.”

Last year, U.S. Rep. Bill Pascrell, Jr. of New Jersey launched an investigation into Live Nation/Ticketmaster’s dynamic “supply and demand” pricing strategy and junk fees. In September, Pascrell sent a letter to Live Nation President and CEO Michael Rapino, demanding the company be “more transparent and fair with its pricing strategies after Ticketmaster confirmed their dynamic pricing is based on supply and demand.”

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08/06/2023

Anthem Entertainment Expands Ownership of Timbaland’s Catalog While Investing in Beatclub

https://chicagodailychronicle.com/anthem-entertainment-expands-ownership-of-timbalands-catalog-while-investing-in-beatclub/

Photo Credit: Marcio Jose Sanchez

Anthem Entertainment expands its ownership of Timbaland’s catalog while investing in Beatclub.

Independent music publisher Anthem Entertainment has announced the expansion of its long-standing partnership with legendary producer and songwriter Timbaland and an investment in Beatclub, the global music platform for artists, producers, and songwriters.

This expansion sees Anthem acquiring additional publishing interests in Timbaland’s catalog, including some of his biggest hits with Justin Timberlake, Jay-Z, and many more, while extending his exclusive songwriting arrangement and bolstering the Anthem/Blue Stone publishing collaboration to co-sign songwriters.

Anthem’s investment in Beatclub, a platform founded by Timbaland with a mission to change the way music is created in the digital-first economy, further reinforces the company’s commitment to Timbaland’s creative vision.

“I couldn’t be more excited to build on our relationship with Timbaland and his team. Timbaland’s innovative production and songwriting has changed music over the past three decades and continues to do so,” says Jason Klein, CEO of Anthem Entertainment.

“Beatclub is already having a similar impact on the creative community. We are proud to continue our long run and alliance as Timbaland’s music publishing home while building on our Blue Stone co-publishing venture and being part of the exciting Beatclub story.”

“I have been partners with Anthem for over ten years, and I am happy to extend our creative relationship. Jason and his team understand my vision with Blue Stone and Beatclub,” adds Timbaland.

Beatclub, co-founded by Timbaland and Gary Marella, is the premier global music platform for artists, producers, and songwriters, creating an “all-digital” global marketplace that connects the creative community with record labels, music publishers, licensing companies, and independent artists. Anthem has invested in Beatclub’s series A-2 funding round.

“We are thrilled to have Anthem as a partner in Beatclub and to extend their relationship with Timbaland,” concludes Gary Marella, CEO and co-founder of Beatclub. “Beatclub’s alignment with Anthem will allow our members to access their incredible catalog of songs for sampling in new songs and for potential use in our TV and Film endeavors.”

Launched in 2022, Beatclub facilitates monetization for music creators by connecting them with buyers via its two-sided marketplace and one-click sync opportunities portal. The platform strives to provide creators with access to up-and-coming producers and the biggest names in the industry.

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08/06/2023

Talent Agency YMU Hits Financial Turbulence with Nearly $90M in Debt — Report

https://chicagodailychronicle.com/talent-agency-ymu-hits-financial-turbulence-with-nearly-90m-in-debt-report/

Photo Credit: YMU Group

Talent agency YMU hits financial turbulence with lending debts nearing $90 million.

U.K.-based Talent management agency YMU Group (You, Me & Us), which features a transatlantic music division, is exploring options for financial restructuring, according to Sky News. Reports indicate that the company has been involved in talks over its finances following a “slump in profits exacerbated by the pandemic.”

Sky reports that via sources in London’s financial district, YMU lenders Permira Credit and Lloyds Banking Group “hired AlixPartners several weeks ago to undertake an independent business review of the agency.” YMU reportedly owes Permira Credit and Lloyds Banking Group approximately $87 million (£70 million).

While a source cited as close to YMU suggested that there were no grounds for concern about the company’s future, Sky’s reporting indicates that a new Chief Restructuring Officer may head up a restructuring process at YMU and was “likely to draw takeover interest from industry rivals.”

According to YMU’s latest available accounts filed at UK Companies House, the company held net liabilities of £74.7 million “largely as a result of the Group’s long-term borrowings, which are not repayable until 2025 and beyond.”

“As part of the loan facilities with Permira Credit Solutions (…) and Lloyds Bank, the company has issued a cross guarantee secured on the assets held by the company and certain other companies within the group,” YMU wrote in its 2021 annual report.

“The cross guarantee relates to borrowings of YM&U Group Services Limited, comprising a loan facility of (GBP) £38,443,000 and a drawn acquisition facility of £15,242,000 with Permira, and with Lloyds Bank a loan facility of £5,888,000 and (USD) $12,000,000, and a revolving credit facility of £4,000,000.”

The Permira loan facilities are repayable on September 28, 2025, while the revolving credit facility and the Lloyds Bank facility are repayable on March 28, 2025.

YMU works with talent across music, sports, arts, and entertainment, majority-owned by private equity firm Trilantic. The company started in 2018 after U.K.-based James Grant Group, then part-owned by Metric Capital, sold a majority stake in its business to Trilantic, rebranding it as YMU.

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