Music industry icon EMI to split, sell
EMI Group Ltd., the iconic British music company that is home to The Beatles, Coldplay and Katy Perry, is being split and sold for $4.1 billion.
Citigroup has announced that they have acquired 100% of EMI, and swiftly recapitalised the music group to slash its debt from £3.4 billion to £1.2 billion, with £300 million of cash now available for investment.