Citigroup Takes Over EMI

The label falls to the hands of debt.

Not Available Lead
Complex Original

Image via Complex Original

Not Available Lead

News has rang out that as of today, Citigroup has acquired major record label EMI from Guy Hands, who purchased it for 4 billion pounds in 2007. Thanks to his new deal, the company's debt has been cut by 65% from 3.4 billion pounds to 1.2 billion pounds. According to Reuters, Citi does not see itself as the new long-term owners of the label but they aren't in a rush to sell it either. The label will find itself at the hands of the remaining Big Three in the immediate future, as it looks for investors for a label that houses acts like The Beatles, Snoop Dogg, LCD Soundsystem, Lykke Li and more.

[via Reuters]

Latest in Music