Dan Newman November 20th, 2011 - 4:55 PM
Citigroup has sold EMI’s recorded music division to Vivendi/Universal Music Group for £1.2 billion ($1.91 billion), whilst Sony will be picking up EMI Publishing Group, as reported by Pitchfork via Billboard.
EMI’s recorded music division includes artists such as David Bowie, Pink Floyd, the Beatles, Coldplay, Blur/Gorillaz, Beastie Boys, LCD Soundsystem, Queen, Roxy Music, Snoop Dogg. EMI Publishing Group’s catalog features Arcade Fire, Daft Punk, Kanye West, Beyonce, Jay-Z, Amy Winehouse, Lou Reed, Drake, Joanna Newsom, Kate Bush, as well as many others.
As preciously reported, Citigroup made the decision to put EMI Group LTD up for auction several months ago, settling upon the decision to sell the two different divisions separately. The future of the deal was uncertain, with several big bidders backing out earlier this month.
The decision, which must still be passed by European and United States regulating committees, is also being opposed by the Independent Music Association (IMPALA), which includes independent labels such as Rough Trade, XL, Matador, 4AD, Epitaph, and PIAS, for fear that said mergers would create monopolies.
