Citigroup acquires EMI sparking sell-off rumours

The acquisition, which means that the UK no longer has a major music label, came as a surprise; most experts were predicting an announcement in June when EMI-owners Terra Firma were expected to default on a debt covenant agreed in March.

Citi immediately announced a recapitalisation of the company, reducing the company's debts by 65%, from £3.4bn to £1.2bn.

Citi said the new capital structure meant EMI now had the financial strength and flexibility to deliver on its stated strategic ...

Login to access this article

To access this article you need to be a subscriber. If you are a subscriber login below.

Start your 4 week Free Trial

Register for a Music Week trial to access this article.

Sign up for your free trial to Music Week, the no 1 weekly trade magazine for anyone who needs to understand the business of music. For four whole weeks we will provide you with great, in-depth journalism that gets right inside the business of music in print and 24/7 online. With both the print and digital edition you will be able to enjoy the whole Premium experience of a subscription to Music Week - absolutely free.

Start your free trial

Subscribe

If you have previously taken a trial you will need to subscribe to access this article.

Subscribe Now
subscribe link free-trial link

follow us...