Having Citigroup (an international finanacial conglomerate) take over EMI does not bode well, they won't give a damn about the music only the 'business' side of the music business.
Quick Polly hit the un-do button!!!
http://www.bbc.co.uk/news/business-12339299US banking giant Citigroup has taken over the ownership of EMI, the record label where it was the major creditor. Under the terms of the deal, EMI's debt has been reduced by 65% from £3.4bn to £1.2bn. In 2007, Citigroup loaned money to Guy Hands' private equity firm Terra Firma to help it to buy EMI. But the £4.2bn takeover proved to be a failure, with Terra Firma widely seen as having massively overpaid for the company. EMI, which is home to artists including Lily Allen, The Beatles and Blur said it would continue under the same management and that it was now completely separate from its previous owner. Analysts had predicted the private equity firm would ultimately have to hand over ownership of EMI to Citi as a result of not being able to keep up its interest payments. However, the developments have happened more quickly than most had expected. Citigroup, which provided Terra Firma with £2.6bn in loans to help finance its the takeover, said it would eventually sell EMI. Industry speculation suggests another record label would probably be the buyer - with Warner Music among the more likely candidates. Citi vice chairman Stephen Volk said EMI now had a strong balance sheet and "the ability to invest in and grow its business". "This is a positive development for EMI, its employees, artists, songwriters and suppliers. EMI is an iconic business and we are completely supportive of both its management and its strategy," he added. A
Abbey Road plan In October, a New York judge dismissed a claim by Mr Hands that Citi had misled it over the acquisition. He had argued he had not been informed that a rival bidder had already pulled out, resulting in his firm overpaying for the record company. Last month Terra Firma said its lawyers had appealed against that decision. The US Court of Appeals will now have to decide if the appeal can go ahead. Over the past 18 months, Mr Hands floated all manner of possible solutions to raise enough money to prevent the bank seizing control of EMI. They included splitting EMI into two and even selling off assets such as the world-renowned Abbey Road studios. But his best hope was to lease the North American rights to EMI's back catalogue to another of the Big Four major labels - but that hope collapsed amid arguments over price.