Citigroup Acquires EMI Music Record Label
This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry
Citigroup Inc. (NYSE:C) has acquired Maltby Investments Limited, a financial company that controls the music record label company EMI Group. EMI distributes music for Katy Perry, Gorillaz, The Beatles, Pink Floyd, and Radiohead. EMI’s debt has been reduced by 65% to about $2 billion. Citigroup will also recapitalize the company with about $484 million. EMI’s management will not change and Roger Faxon will remain as CEO.