Feeds

Citigroup clutches EMI to bosom

And you thought that we were faking, that we were all just money-making

High performance access to file storage

Ownership of EMI, home of The Beatles, Pink Floyd and Sir Simon Rattle, has passed into the hands of US mega money corp Citigroup.

EMI said in a statement today that Citigroup had acquired 100 per cent of its share capital, and completed a recapitalisation of the debt-laden music group.

Through this, the group's debt has been cut by 65 per cent to £1.2bn, and EMI has £300m of cash available to help it develop new artists and/or digitally remaster and repackage its back catalogue. Existing management will stay in place.

The takeover of what is arguably the UK's most iconic record label by Citigroup follows a long-running spat between the bank and the label's previous owner - Guy Hands' Terra Firma investment group. Citigroup had backed his takeover of EMI back in 2007.

“Citi today took ownership of MAL (Maltby Acquisitions Ltd), the holding company that controls EMI," said Citi vice chairman Stephen Volk.

"In the process, the previously unsustainable debt load at EMI was reduced by 65 per cent, leaving the company with a strong balance sheet and the ability to invest in and grow its business. This is a positive development for EMI, its employees, artists, songwriters and suppliers.

Volk is now chairman of MAL, and added: "Our objective is to have EMI perform its absolute best for our shareholders over time."

Funnily enough, EMI struck a new deal with Pink Floyd last month. Pink Floyd had a famous song called Money. Apparently it's the root of all evil today. ®

Top three mobile application threats

More from The Register

next story
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
Record labels sue Pandora over vintage song royalties
Companies want payout on recordings made before 1972
Ex–Apple CEO John Sculley: Ousting Steve Jobs 'was a mistake'
Twenty-nine years later, post-Pepsi exec has flat-forehead moment
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
Apple DOMINATES the Valley, rakes in more profit than Google, HP, Intel, Cisco COMBINED
Cook & Co. also pay more taxes than those four worthies PLUS eBay and Oracle
Number crunching suggests Yahoo! US is worth less than nothing
China and Japan holdings worth more than entire company
prev story

Whitepapers

SANS - Survey on application security programs
In this whitepaper learn about the state of application security programs and practices of 488 surveyed respondents, and discover how mature and effective these programs are.
Combat fraud and increase customer satisfaction
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Top three mobile application threats
Learn about three of the top mobile application security threats facing businesses today and recommendations on how to mitigate the risk.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.