The new owner of EMI has confirmed plans for an overhaul of the record label‘s operations as it seeks to save £200m a year and cut up to 2,000 jobs.

Terra Firma, the private equity group owned by Guy Hands, also said on Tuesday it plans to invest heavily in artist and repertoire (A&R) activities to develop new talent and maximise revenue from its existing roster of artists which include Robbie Williams and Kylie Minogue.