EMI Sold for $4.1 Beeeeeellion Dollars
Universal Music Group, Sony Corp. just took some major business steroids and agreed to terms with Citigroup Inc.; who will buy EMI for $4.1 billion. $4.1 BILLION.
London-based EMI will split in two: music goes to Universal for $1.9 billion and publishing goes to Sony for $2.2 billion.
Fun fact: Did you know Universal is the largest recorded music company in the world, controlling over 25% of the global market? It just got bigger, by roughly 9%.
Citigroup beat out BMG Chrysalis, a music publishing company owned by Bertelsmann, a German media giant, and Kohlberg Kravis Roberts & Co.
On paper, Sony will be an investor and partial owner because of the deal, running the publishing under its Sony ATV business, which administers rights to (or owns) 750,000 songs.
Read the full story in this morning’s LA Times here: http://lat.ms/vMjGzs