.

Universal Music Group Purchases EMI Music

Label group will acquire catalogs of the Beatles, Pink Floyd, Radiohead and more

November 11, 2011 11:20 AM ET
A vinyl LP for "Help" by the Beatles, one of the bands represented by the EMI music label
A vinyl LP for "Help" by the Beatles, one of the bands represented by the EMI music label
Chris Ratcliffe/Bloomberg via Getty Images

Universal Music Group has acquired EMI's recorded music division for $1.9 billion in a deal that will split the world's fourth-largest music company into two holdings owned by separate corporations. As part of the deal, Universal will take on the regulatory risk of the sale, while Citigroup, EMI's corporate parent, will take on pension fund liabilities.

With this sale, Universal – which already controls an extensive catalog of music featuring superstar artists such as Bon Jovi, Lady Gaga, U2, Eminem and Kanye West – will acquire the major works of acts including the Beatles, Pink Floyd, Radiohead, Coldplay and the Beach Boys.

Photos: Random Notes
Citigroup is expected to announce later today that it will sell EMI Music Publishing to an investment group led by Sony for a reported $2.2 billion.

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

“Madame George”

Van Morrison | 1968

One of the first stream-of-consciousness epics to make it onto a Van Morrison record, his drawn-out farewell to the eccentric "Madame George" lasted nearly 10 minutes, combining ingredients from folk, jazz and classical music. The character that gave the song its title provoked speculation that it was about a drag queen, though Morrison denied this in Rolling Stone. "If you see it as a male or a female or whatever, it's your trip," he remarked. "I see it as a ... a Swiss cheese sandwich. Something like that."

More Song Stories entries »
 
www.expandtheroom.com