Citygroup Gobbles up EMI

[Atheist-Lite]

http://www.bbc.co.uk/news/business-12339299

US banking giant Citigroup has taken over the ownership of EMI, the record label where it was the major creditor.

Under the terms of the deal, EMI's debt has been reduced by 65% from £3.4bn to £1.2bn.

In 2007, Citigroup loaned money to Guy Hands' private equity firm Terra Firma to enable it to buy EMI.

But the takeover proved to be a failure, with Terra Firma widely seen as having massively overpaid for the company.

EMI said it would continue under the same management and that it was now completely separate from its previous owner

Citigroup said it would eventually sell EMI.

(going for a song, the Titanic shall have music as it sinks?)

[klr]

http://www.bbc.co.uk/news/business-12339299

US banking giant Citigroup has taken over the ownership of EMI, the record label where it was the major creditor.

Under the terms of the deal, EMI's debt has been reduced by 65% from £3.4bn to £1.2bn.

In 2007, Citigroup loaned money to Guy Hands' private equity firm Terra Firma to enable it to buy EMI.

But the takeover proved to be a failure, with Terra Firma widely seen as having massively overpaid for the company.

EMI said it would continue under the same management and that it was now completely separate from its previous owner

Citigroup said it would eventually sell EMI.

(going for a song, the Titanic shall have music as it sinks?)

Indeed. HMV is feeling the pinch, and can the big record labels be far behind? All those artists on their hands, and declining demand ...

[Atheist-Lite]

http://www.bbc.co.uk/news/business-12339299

US banking giant Citigroup has taken over the ownership of EMI, the record label where it was the major creditor.

Under the terms of the deal, EMI's debt has been reduced by 65% from £3.4bn to £1.2bn.

In 2007, Citigroup loaned money to Guy Hands' private equity firm Terra Firma to enable it to buy EMI.

But the takeover proved to be a failure, with Terra Firma widely seen as having massively overpaid for the company.

EMI said it would continue under the same management and that it was now completely separate from its previous owner

Citigroup said it would eventually sell EMI.

(going for a song, the Titanic shall have music as it sinks?)

Indeed. HMV is feeling the pinch, and can the big record labels be far behind? All those artists on their hands, and declining demand ...

They haven't a clue or they'd a cut their losses. This kind of futile speculation on the dinasaurs is what got the banks into trouble before I imagine?