In February 2010, EMI Group reported pre-tax losses

Citigroup possession[edit]
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.[45][46] In addition, KPMG issued a going problem warning at the preserving organization’s bills regarding an capability to remain solvent.[47]

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[48] and decreasing EMI’s debt load through 65%.[49] The organization changed into positioned up on the market and final bids had been due by means of five October 2011.[50]

Sony/Universal sale[edit]
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.[51] 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.[52] However, IMPALA has said that it would fight the merger.[53] In March 2012, the European Union opened an investigation into Universal’s buy of EMI’s recorded song department[54] and had asked rivals and customer businesses whether the deal will result in better prices and close out competition.[55]

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