Wednesday, February 02, 2011

A Bank Running a Record Label?

That’s what’s happened to EMI.

From the story –
Citi has taken over EMI Group. EMI, which had been owned by a private equity firm, was formed in 1931 and boasts a catalogue which includes Radiohead, The Decemberists, 30 Seconds to Mars, Beastie Boys, Stiff Little Fingers, The Beatles, The Stooges, Jimmy Eat World and countless more. The private equity firm had borrowed extensively from Citigroup to make the purchase, but had run into problems paying back the debt which led to Citi converting that debt into equity shares in the company.
I’m sorry but there is something just not right about a bank owning a record label (even if it is one of the monstrous major labels).

1 comment:

CGHill said...

I think it's safe to say that Citi doesn't particularly want to own EMI, and that it will be dealt elsewhere, possibly to Warner.