Citigroup Expected To Sell EMI Group This Weekend

Posted Nov 11, 2011

Citigroup Inc. (NYSE:C) is nearing a deal to sell off major music company EMI Group for $4.1 billion. Citigroup is talking with Universal Music Group to sell EMI’s recorded music division for $1.9 billion while the publishing division would go to Sony Music for $2.2 billion. Citigroup had first announced plans to sell EMI in June after music distribution and online piracy took a toll on EMI’s profitability. Citigroup is expected to make the official announcement by this weekend. Most likely it would take months to get regulatory approval. [VentureBeat]