EMI, the British-based music giant whose banner includes Virgin, Capitol, Mute, and a host of others, has been acquired by Citigroup to greatly reduce their debt and allow for restructuring and growth. After acquiring 100% of EMI’s capitol shares, Citigroup was able to shed nearly 65% of the debt the record giant had acquired. Sounds great, right?
While this Hypebot story seems to focus on artistic growth and the music-end of the industry, the reality is that Citigroup probably doesn’t have any interest in getting involved in the music business and will probably unload the assets in pieces (separate Hypebot story). So if you are looking to buy a small record label or, like, Capitol Records, now is probably a good time to make that call. More on this story as it develops.
