Citigroup has reached an agreement to sell its music label, EMI Group, in two parts for a total of $4.1 billion. Universal Music Group has announced it is buying EMI’s recorded music division for $1.9 billion. Sony/ATV, according to news reports, has nabbed — or is poised to nab shortly — EMI’s publishing line of business, the copyrights for the songs. This unit is trading for a reported $2.2 billion. The company’s sale was not a surprise — Citigroup put it on the market after foreclosing on its private equity owner in February.
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And Then There Were 3: Sale Splits EMI Assets Between Sony and Universal
Posted by: Erika Morphy November 11, 2011 01:56 PMCitigroup has reached an agreement to sell its music label, EMI Group, in two parts for a total of $4.1 billion. Universal Music Group has announced it is buying EMI’s recorded music division for $1.9 billion. Sony/ATV, according to news reports, has nabbed — or is poised to nab shortly — EMI’s publishing line of business, the copyrights for the songs. This unit is trading for a reported $2.2 billion. The company’s sale was not a surprise — Citigroup put it on the market after foreclosing on its private equity owner in February.