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