Tuesday, 1 February 2011

EMI taken over by Citigroup

EMI has been taken over by Citigroup. The bank had been the main creditors of the label which had managed to rack up debts amounting to £3.4 billion. The debt (following the takeover) has been reduced to £1.2 billion and is to be sold on with the current management team still in place.

EMI is home to Gorillaz, Katy Perry and Robbie Williams and has a history of over paying it's artists. However despite this fact, it seems incredible that they were able to rack up this amount of debt without bank intervention.