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]