Citigroup Acquires EMI, the Fourth-Biggest Label Group in the Music Industry

Purchase significantly reduces debts for the home of the Beatles, Pink Floyd and Katy Perry

February 1, 2011 6:25 PM ET
 Katy Perry performs onstage at the 2010 American Music Awards on November 21, 2010 in Los Angeles, California.
Katy Perry performs onstage at the 2010 American Music Awards on November 21, 2010 in Los Angeles, California.
Christopher Polk/AMA2010/Getty

The financial service conglomerate Citigroup has acquired Maltby Investments Limited, the holding company that controls the EMI Group, the fourth-largest family of record labels in the music industry. EMI is the current home of hit makers such as Katy Perry and the Gorillaz, and the company controls the back catalogs of artists such as the Beatles, Pink Floyd and Radiohead.

As a result of the acquisition, EMI's considerable debts have been reduced by 65 percent to £1.2 billion (around $2 billion), and the bank giant will recapitalize the company with £300 million (around $484 million). 

Photos: Random Notes

EMI's new ownership will not change the company's management, with Roger Faxon remaining in place as CEO. The group's stable of labels, which include Capitol, Virgin and Blue Note, will also remain the same.

Citigroup Takes Over EMI [Billboard]

To read the new issue of Rolling Stone online, plus the entire RS archive: Click Here

Music Main Next

blog comments powered by Disqus
Daily Newsletter

Get the latest RS news in your inbox.

Sign up to receive the Rolling Stone newsletter and special offers from RS and its
marketing partners.


We may use your e-mail address to send you the newsletter and offers that may interest you, on behalf of Rolling Stone and its partners. For more information please read our Privacy Policy.

Song Stories

“Santa Monica”

Everclear | 1996

After his brother and girlfriend both died of drug overdoses, Art Alexakis -- depressed and hooked on drugs himself -- jumped off the Santa Monica Pier in California, determined to die. "It was really stupid," said the Everclear frontman, who would further explore his personal emotional journey in the song "Father of Mine." "I went under the water. Then I said, 'I don't wanna die.'" The song, declaring "Let's swim out past the breakers/and watch the world die," was intended as a manifesto for change, Alexakis said. "Let the world do what it's gonna do and just live on our own."

More Song Stories entries »