Music world wonders what Hands plans for EMI.

Despite all the talk about "vision", innovation and growing the business organically, analysts continue to wonder what Terra Firma chief executive Guy Hands knows - or thinks he knows - which is different from them and every other music executive in the world.

Simply, unless he is able to perform financial magic, they view Hands' only realistic exit strategy as selling recorded music to Warner Music. But that still leaves him with the lucrative and stable publishing business.

Warner, which decided to back out of a prolonged auction for EMI following the acceptance of Terra's offer, will be happy to watch and wait over the coming months.

Its chief executive Edgar Bronfman is still interested in linking with EMI and will be hoping he can pick up EMI at a knock-down price - or one, at least, that does not make its 260p offer for EMI earlier this year look cheap.

A senior City analyst believes Terra Firma will continue to run the recorded music and publishing divisions separately to "give themselves flexibility when it comes to selling". He adds, ...