The four major record labels could soon become three. After bidding wars and speculation, an agreement has finally been reached and EMI Group will be split between Universal Music Group and Sony. Universal will be taking EMI's recorded music division, and Sony will receive the publishing operations.

With Sony giving up $2.2 billion and Universal spending $1.9 billion, the combined price paid for EMI is $4.1 billion, 8% more than the asking price. Neither side has spoken on the deal yet, and although the agreement has been reached through Citigroup, Inc., antitrust regulators in the U.S. and Europe have yet to approve it.

[via LosAngelesTimes]