Citigroup has foreclosed on U.K.-based record label EMI Group, taking it back from private-equity firm Terra Firma, which bought EMI from Citigroup for a whopping $4.7 billion in 2007.
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EMI Group, owner of the rights to songs by bands including the Beatles, Pink Floyd and Deep Purple, may attract takeover bids as pressure mounts for the company to sell assets.
Warner Music Group and BMG Rights have both previously expressed an interest in buying EMI’s publishing assets, Bloomberg News said. BMG, a music-rights company, said it’s interested in EMI’s catalog.
“We’re…
Continue reading EMI May Attract Takeover Bids
EMI May Attract Takeover Bids originally appeared on DailyFinance on Mon, 08 Nov 2010 06:49:00.
Filed Under: Company News, Media, Credit
Terra Firma sued Citi, claimed the bank misled into thinking other firms would outbid its own $4.7 billion offer for music company EMI in 2007. Sorry, said the jury in just a few hours.
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