SONY/ATV STRIKES UP THE BANDIER

As I.B. Bad already hipped you weeks ago, Marty Bandier will take over at Sony/ATV Music Publishing after he exits EMI Music Publishing, the company he took to the heights of the music publishing world in his almost two decades at the helm.

Bandier is poised to become Chairman/CEO of Sony/ATV in early April 2007, when his deal with EMI comes to an end. It is unclear whether he will be investing some of his own money in the publishing unit, enabling him to financially participate in its growth. The company was originally formed by combining the publishing interests of Sony and Michael Jackson.

Among the reasons for Bandier's decision to join Sony/ATV are Sony's commitment to expand its publishing company and an opportunity to build a unit that is completely separate from the Sony BMG Music joint venture. He reportedly left EMI because he couldn’t stand being second to what would be a combined Universal BMG Music Publishing entity, currently awaiting final regulatory approval, which is expected in June.

Current Sony/ATV Chairman/CEO David Hockman’s role is unclear at this point, though he is known to have a good relationship with Bandier, who recommended Hockman for his Sony/ATV position in 2003.

Sony Corp. U.S. CFO Rob Wiesenthal was instrumental in bringing Bandier to Sony/ATV in his role overseeing the publisher as chief strategic officer for Sony Entertainment. Weisenthal also helped broker the deal by which Michael Jackson was able to secure a new $300 million loan in exchange for agreeing to sell back half his interest in the Sony/ATV catalog, which includes the Beatles' Northern Songs portfolio, for $250 million to Sony.

Commented Bandier: "Sony/ATV Music Publishing has great assets, and also tremendous potential for growth and expansion. This move offers me the opportunity to participate in the growth of a major publishing entity and to build something in an entrepreneurial environment with a fantastic company."

Added Wiesenthal: "Marty Bandier is a true legend in the music industry. His experience and stature are unparalleled. We are delighted that he is joining Sony/AVT at this critical time in the music publishing industry. His proven track record of innovative and highly effective business strategies will help us to continue to build this company and result in meaningful upside for all involved."

"We are very excited to have Marty take the helm at Sony/ATV in what we believe will be a transformative appointment," said Sir Howard Stringer. "This sends a strong signal about how serious we are about music publishing and adds one of the most respected and accomplished executives in the music industry to our team. We expect Marty to do what he does best, grow this business and take it to the upper echelon of the industry."

Even Michael Jackson piped up: "I am thrilled that Mr. Bandier has agreed to become Chairman and CEO of Sony/ATV Music Publishing. He has over 30 years experience in the music publishing industry, and not only brings with him a wealth of knowledge about the industry, but the vision and ability to take the company to new heights. I look forward to working with him."

Bandier was named Chairman/CEO of EMI Music Publishing in 1989 after a merger between SBK, a company he founded, and Thorn EMI.