Originally published on Wed August 21, 2013 9:03 am
Though he's remembered for his intense interest in the lives of everyday folks, the Pulitzer Prize winning author and Chicago radio legend Studs Terkel was also a great lover of music, and especially jazz. His first book, Giants of Jazz, featured literary portraits of the likes of Billie Holiday, Duke Ellington and Louis Armstrong.
It's been a tough decade for the music industry. Revenues have tumbled — from more than $14 billion in 1999 down to $7 billion last year. EMI, one of the big four record labels, was taken over by venture capitalists and then taken over again, after they defaulted, by Citigroup. Now, Universal Music Group wants to buy the recorded music division of EMI for $1.9 billion. But critics say if the two companies merge it will create a superlabel that will dominate the music industry.