Wednesday, February 2, 2011

Citigroup acquires EMI ...

... and, thus, some of The Beatles' catalogue. Or, as Pitchfork put it, "Your student loan interest is now being used to pay for Katy Perry albums."

More here.

EMI said Citigroup swapped debt for 100 percent of EMI’s share capital, reducing its debt to $1.9 billion from $5.4 billion.

The move is the latest twist in a turbulent saga for EMI, the smallest of the four major record companies. EMI was taken over by Terra Firma, the investment vehicle of British financier Guy Hands, for $6.8 billion in 2007. That price turned out to be vastly inflated, as EMI lost ground to rivals and the overall music market slumped.

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