Citigroup acquires EMI
EMI has announced the acquisition of all of its share capital by Citigroup.
Citigroup has completed a takeover of record company EMI, it has been announced.
Sales negotiations appear to have been a success, with Citi immediately completing a recapitalisation of the company that reduced EMI's debt by 64 per cent.
Roger Faxon, chief executive of EMI, called this "a positive step" for the firm.
"With that solid footing, we are confident in our ability to drive our business forward. We have already made great progress in meeting the challenges facing our industry," he added.
EMI's artists include Coldplay, Lily Allen, Norah Jones, Massive Attack, Snoop Dogg, Kylie Minogue, Pink Floyd and The Beatles.
Among its individual record labels are Astralwerks, Capitol, EMI Records, EMI Records Nashville, Parlophone and Virgin Records.
As a result of the acquisition, vice-chairman of Citi Stephen Volk will become the new chairman of Maltby Acquisitions, which is EMI's immediate holding company.
Mr Volk said the transaction will be a positive move for EMI and its various artists, employees, suppliers and songwriters.