Citigroup Acquires EMI
Citigroup Acquires EMI
EMI Group, the fourth largest family of record label in the music industry, has been acquired by Citigroup, who purchased the company along with the rest of the holdings of its parent company, Maltby Investments Limited. The move allows EMI to reduce its considerable debts by 65 percent to around $2 billion, and Citigroup will funnel nearly $500 million into the label.
EMI is home to a number of huge stars including Katy Perry, Kanye West, and Alicia Keys, and also controls the catalogs of legendary artists like the Beatles, Pink Floyd, and Radiohead. EMI's management, including CEO Roger Faxon, will remain in place, and there will be no change to EMI's stable of labels, which include Capitol, Virgin, and Blue Note.
Insiders say that Citigroup will likely sell EMI before the end of 2011. One possible buyer is Warner Music Group, which is currently contemplating its own sale. Insiders say that Warner may end up selling off its Warner / Chappell Music publishing business and use the proceeds to purchase EMI's catalog.
EMI Group, the fourth largest family of record label in the music industry, has been acquired by Citigroup, who purchased the company along with the rest of the holdings of its parent company, Maltby Investments Limited. The move allows EMI to reduce its considerable debts by 65 percent to around $2 billion, and Citigroup will funnel nearly $500 million into the label.
EMI is home to a number of huge stars including Katy Perry, Kanye West, and Alicia Keys, and also controls the catalogs of legendary artists like the Beatles, Pink Floyd, and Radiohead. EMI's management, including CEO Roger Faxon, will remain in place, and there will be no change to EMI's stable of labels, which include Capitol, Virgin, and Blue Note.
Insiders say that Citigroup will likely sell EMI before the end of 2011. One possible buyer is Warner Music Group, which is currently contemplating its own sale. Insiders say that Warner may end up selling off its Warner / Chappell Music publishing business and use the proceeds to purchase EMI's catalog.
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