EMI Split Up Between Rivals

11/15/2011
. (Gibson) Record label EMI has been split up and sold to other majors by Citigroup, who took control of the company from Guy Hands' Terra Firma private equity company earlier this year.

Vivendi and its Universal Music Group subsidiary will acquire EMI's recorded music division for a total consideration of $US 1.9 billion, while EMI Publishing will be acquired for $US 2.2 billion by a consortium comprising Sony Corporation of America, the Estate of Michael Jackson, Mubadala Development Company PJSC, Jynwel Capital Ltd, the Blackstone Group's GSO Capital Partners LP and David Geffen. Sony/ATV Music Publishing will oversee EMI Music Publishing on behalf of the consortium.

Universal Music Group chairman and CEO Lucian Grainge said the deal was an historic acquisition for UMG and an important step in preserving the legacy of EMI Music. more on this story

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