In February 2010, EMI Group reported pre-tax losses of £1.75 billion for the yr ended March 2009, such as write-downs on the value of its track catalogue. In addition, KPMG issued a going problem warning at the preserving organization’s bills regarding an capability to remain solvent.
Citigroup (which held $4 billion in debt) took one hundred% ownership of EMI Group from Terra Firma Capital Partners on 1 February 2011, writing off £2.2 billion of debt and decreasing EMI’s debt load through 65%. The organization changed into positioned up on the market and final bids had been due by means of five October 2011.
On 12 November 2011, it became announced that EMI could promote its recorded track operations to Universal Music Group (UMG) for £1.2 billion ($1.Nine billion) and its song publishing operations to Sony/ATV Music Publishing-for $2.2 billion. Among the opposite businesses that had competed for the recorded tune business become Warner Music Group which turned into pronounced to have made a $2 billion bid. However, IMPALA has said that it would fight the merger. In March 2012, the European Union opened an investigation into Universal’s buy of EMI’s recorded song department and had asked rivals and customer businesses whether the deal will result in better prices and close out competition.