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BUSINESS
June 20, 2011 | By Alex Pham, Los Angeles Times
Citigroup Inc., which took over EMI Group in February in an overnight debt-for-equity swap, has officially put the 114-year-old British music company on the auction block. The bank released a statement Monday laying out options for EMI, "including a possible sale, recapitalization or initial public offering of the company. " The widely expected move puts in play the world's fourth-largest record label, with an estimated $2.6 billion in annual revenue. EMI's artist roster includes Coldplay, Katy Perry, Beastie Boys and Lady Antebellum.
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ENTERTAINMENT
February 14, 2013 | By Dawn C. Chmielewski
Universal Music Group has entered into an agreement to sell Sanctuary Records -- home to such rock and heavy metal acts as Black Sabbath and Megadeth -- for $62 million, according to a person with knowledge of the transaction. The sale, to BMG Rights Management, a Berlin music publisher, is part of divestitures mandated by the European Commission as a condition of approving Universal's acquisition of EMI Group.  Universal has sold EMI's Parlophone, whose acts include Coldplay, Radiohead and David Guetta, to Warner Music Group for 487 million pounds (about $754 million)
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BUSINESS
March 8, 1999 | CHUCK PHILIPS
Struggling British music giant EMI Group has found a successor to longtime Chairman Sir Colin Southgate, who will step down July 31. United Bisquits Chief Executive Eric Nicoli, who has served as a nonexecutive director on EMI's board since 1993, will take over the London-based company, which is home to such recording artists as Janet Jackson, Garth Brooks, the Beatles and the Beastie Boys.
ENTERTAINMENT
September 21, 2012 | By Randy Lewis
Regulators in the U.S. and Europe on Friday approved Universal Music Group's $1.9 billion acquisition of the music division of EMI Group Ltd., giving the Los Angeles-based music company control of the Beatles music catalogue and the iconic Abbey Road studios in London, but forcing it to divest interest in the music of Coldplay. The merger will create an even larger global music conglomerate and put the vast majority of commercially released music into the hands of three international giants.
BUSINESS
November 12, 2011 | By Alex Pham, Los Angeles Times
The century-old EMI Group music company has been split in two and sold for $4.1 billion to Universal Music Group and Sony Corp. The absorption of the music giant leaves only three major record companies in control of an eroding industry. The deal announced Friday calls for Universal to acquire EMI's recorded music division from EMI parent company Citigroup Inc. for $1.9 billion, and Sony to acquire the smaller but more lucrative music publishing business for $2.2 billion. The two edged out rival bids from Warner Music Group and BMG Chrysalis.
BUSINESS
February 8, 1999 | Reuters
British music company EMI Group denied it was in merger or takeover discussions with media tycoon Rupert Murdoch. The denial followed a newspaper report in the Mail newspaper in London, which said Murdoch was planning a $6.89-billion bid for the British company. EMI said in a prepared statement that there had been no change in the situation between the company and Murdoch's News Corp. since it denied the two were in talks in November.
BUSINESS
October 22, 2005 | Charles Duhigg
EMI Group, the nation's fourth-largest music company, announced the appointment of Jason Flom to head Virgin Records. The move was expected. Flom was ousted as head of Warner Music Group's Atlantic Records in August, after clashing with Warner's U.S. music chief, Lyor Cohen. Flom had joined Warner in 2004 as part of a group that bought the company from Time Warner Inc. Before that, Flom headed Lava Records, where he developed such acts as Twisted Sister, Tori Amos and Matchbox Twenty.
BUSINESS
April 18, 1998 | Chuck Philips
The corporate roller-coaster ride at EMI Group continued as the British music giant's chief executive, James Fifield, stepped down and walked away with a $21-million buy-out package. Fifield, who left his post a year before his contract was due to expire, could not be reached for comment. The company also announced that it had named EMI Recorded Music Chief Ken Berry and EMI Music Publishing Chief Martin Bandier to its board of directors.
BUSINESS
February 6, 2002 | CHUCK PHILIPS, TIMES STAFF WRITER
EMI Group shareholders blanched Tuesday when the flagging British music giant announced its second profit warning in four months, predicting a 42% plunge in income for its fiscal year ending March 31. In London, shares of EMI fell 6% Tuesday--the biggest decline since Sept. 25, when shares plummeted 35% after EMI said its full-year pretax profit would fall by about 20%. On Tuesday, EMI said its pretax profit will shrink to an estimated $214 million--down from $372 million a year ago.
BUSINESS
June 24, 2000 | From Reuters
Britain's EMI Group moved to quash speculation on Friday that a counter-bidder could be preparing to pounce on the music group, saying it had received no new approach from any consortium. EMI, which plans to merge with the music division of Time Warner Inc., also denied reports that shareholders had demanded the group delay a meeting on Monday to finalize its $20-billion Warner deal, amid expectations of a counter-bid.
ENTERTAINMENT
July 18, 2012 | By Alex Pham
The climate is heating up for Universal Music Group in Brussels as the company shuttles its proposal to buy EMI's recorded music business through Europe's labyrinthine antitrust approval process. The pending $1.9-billion acquisition, announced in November, would solidify Universal's ranking as the world's largest music company and reduce the number of major labels from four to three. To satisfy the European Commission's concern that the union would create a Leviathan with undue market power, Universal Music is expected on Thursday to submit a list of assets it is prepared to sell in order to dilute its presence in several key European countries, according to executives knowledgeable with the commission's review.
ENTERTAINMENT
June 29, 2012 | By Alex Pham
Sony Corp.'s deal to acquire EMI's publishing assets has cleared U.S. and European regulatory hurdles and was closed Friday, the companies said. EMI's catalog will be merged with Sony's to create a library of more than 2 million songs, making the combined entity the world's largest music publisher. The deal, announced last November, called for an investor group led by Sony to pay $2.2 billion for EMI's rights to 1.3 million songs, including those written by David Bowie, Stevie Wonder and others.
BUSINESS
November 12, 2011 | By Alex Pham, Los Angeles Times
The century-old EMI Group music company has been split in two and sold for $4.1 billion to Universal Music Group and Sony Corp. The absorption of the music giant leaves only three major record companies in control of an eroding industry. The deal announced Friday calls for Universal to acquire EMI's recorded music division from EMI parent company Citigroup Inc. for $1.9 billion, and Sony to acquire the smaller but more lucrative music publishing business for $2.2 billion. The two edged out rival bids from Warner Music Group and BMG Chrysalis.
BUSINESS
November 8, 2011 | By Alex Pham, Los Angeles Times
With negotiations for the sale of EMI Group dragging on longer than a Wagnerian opera, owner Citigroup Inc. has invited Universal Music Group back to the negotiating table this week after failing to break a logjam with the previous high bidder, Warner Music Group. Citigroup's overtures to Universal come two months after the bank initiated a formal auction for EMI, one of the world's oldest and largest music companies, with a roster of well-known artists, including Pink Floyd, Coldplay and the Beatles.
BUSINESS
August 13, 2011 | By Alex Pham, Los Angeles Times
Reducing the number of major players in the music industry from four to three would, ordinarily, sound alarms among antitrust regulators, especially if those companies account for roughly 75% of the music business. But the possibility that storied music label EMI Group will be gobbled up by Universal Music Group, Sony Music Entertainment or Warner Music Group is not likely to generate much heat from regulators, even though it would reduce the landscape to three dominant companies, down from six in the late 1990s, antitrust experts say. That's because music labels don't have the clout they used to, given how much the industry has morphed in the last decade.
BUSINESS
June 20, 2011 | By Alex Pham, Los Angeles Times
Citigroup Inc., which took over EMI Group in February in an overnight debt-for-equity swap, has officially put the 114-year-old British music company on the auction block. The bank released a statement Monday laying out options for EMI, "including a possible sale, recapitalization or initial public offering of the company. " The widely expected move puts in play the world's fourth-largest record label, with an estimated $2.6 billion in annual revenue. EMI's artist roster includes Coldplay, Katy Perry, Beastie Boys and Lady Antebellum.
BUSINESS
November 29, 2006 | From Reuters
EMI Group said Tuesday that it had been approached about a possible bid, and a person familiar with the situation said private equity firm Permira Advisers had made contact with the British music company. Permira and EMI, which are both based in London, declined to comment. "EMI announces that it has, this morning, received a preliminary approach for the company which may or may not lead to an offer," it said in a statement. EMI's stock closed up 10.4% in London.
BUSINESS
December 11, 2001 | Chuck Philips
EMI Group named media expert John Rose on Monday as executive vice president of the British music corporation, home to such acts as Mariah Carey and Sparklehorse. Rose comes to EMI from McKinsey & Co., where he was a senior partner who helped lead the consulting firm's global media and entertainment practice. Based in New York, Rose will start in January managing an operational review of EMI's recorded music business and overseeing the corporation's strategy and business development functions.
BUSINESS
May 7, 2011 | By Alex Pham, Los Angeles Times
Now that Warner Music Group Corp. has agreed to be sold for $3.3 billion to Access Industries, is a duet in the works with EMI Group? Warner's all-cash sale to the New York-based oil and media conglomerate, announced Friday, puts Access Industries founder Len Blavatnik in the pole position to bid for EMI, the world's fourth-largest music company, numerous industry analysts said. EMI is widely expected to be put up for sale later this year by its owner, Citigroup Inc. "I would think that the next step for Warner is to buy EMI," said Ted Cohen, managing partner at TAG Strategic, a media consulting group based in Hollywood.
BUSINESS
February 3, 2011 | By Alex Pham, Los Angeles Times
EMI Group, whose music catalog includes Jay-Z, Kanye West and Norah Jones, is close to a deal with Spotify to bring the popular European music service to the U.S., according to people familiar with the negotiations. Although final details have not been resolved, both companies have a broad agreement to make available most of EMI's treasure trove of 1.2 million songs on Spotify's music subscription service if it launches in the U.S. Spotify, which offers a free, ad-supported service and a premium version that costs 10 pounds a month in Britain and 10 euros elsewhere in Europe, has been trying to cross the Atlantic for more than a year but had been unable to strike deals with record companies until recently.
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