.

CitiGroup Expected to Split EMI in Sale

Sources say deal for both divisions of EMI will close later this week

November 10, 2011 9:55 AM ET
A vinyl LP for "Rubber Soul" by The Beatles, a band signed to the EMI music label
A vinyl LP for "Rubber Soul" by The Beatles, a band signed to the EMI music label
Chris Ratcliffe/Bloomberg via Getty Images

CitiGroup is said to be closing two deals that will split EMI into two separate companies. According to the New York Times' sources, the financial services giant wants to close the deals by the end of the week and announce the sales simultaneously. The deal is expected to sell the company's recorded music division – which has the rights to the back catalogs of major artists including the Beatles, Pink Floyd and Radiohead – and its music publishing arm – which controls the copyrights of over 1.3 million songs – to different companies.

The identities of the companies close to purchasing the separate branches of EMI are not known, but Universal Music Group, Warner Music Group and Ronald Perelman's MacAndrews & Forbes all placed bids for the respective divisions in CitiGroup's auction for EMI over the past four months.

Photos: Random Notes
EMI was purchased by Citigroup in February. The financial service conglomerate subsequently wrote down the company's debt by $3.5 billion before putting the label on the market in June.

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

prev
Music Main Next

blog comments powered by Disqus
Around the Web
Powered By ZergNet
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.

X

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

“You Oughta Know”

Alanis Morissette | 1995

This blunt, bitter breakup song -- famous for its line "Would she go down on you in a theater?" -- was long rumored to be about Alanis Morissette getting dumped by Full House actor Dave Coulier. But while she never confirmed it was about him (Coulier himself says it is, however), she insisted the song wasn't all about scorn. "By no means is this record just a sexual, angry record," she told Rolling Stone. "The song wasn't written for the sake of revenge. It was written for the sake of release. I'm actually a pretty rational, calm person."

More Song Stories entries »
 
www.expandtheroom.com