EMI sold to Vivendi after business negotiations
A deal has been agreed that will see Vivendi take over EMI.
EMI's recorded music division is to be bought over by Vivendi and its subsidiary, Universal Music Group.
The definitive agreement is for £1.2 billion and will see ownership of EMI switch to Vivendi from Citigroup.
Extensive negotiation strategies may have been required in order to make the outcome possible and Jean-Bernard Levy, chief executive officer of Vivendi, stated he is "very proud" that the transaction is going to happen.
"We plan to acquire EMI's recorded music division on attractive terms, adhering to our principle of total financial discipline," Mr Levy observed.
He continued by saying the group is confident it will create additional value for shareholders.
Lucian Grainge, chairman of Universal Music Group, remarked the agreement is "historic" and it should go a long way to ensuring the legacy of EMI is preserved.
Among the artists that are signed to the label are 30 Seconds To Mars, Badly Drawn Boy and David Bowie.
Posted by David Gleck
Source: Vivendi press release, November 11th