... 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.
Excerpt:
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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