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Citigroup could put EMI up for sale

Investment bank Citigroup may consider putting EMI up for sale.
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Citigroup could be putting the struggling record label EMI up for sale, after announcing that it was exploring a number of "strategic alternatives".

EMI, which is home to such music stars as Coldplay, Katie Perry, Pink Floyd and acoustic guitar player Richard Ashcroft, was taken over in February by the investment bank.

The label was previously owned by the Terra Firma Company, which is a private investment equity firm.

In a statement issued last week by EMI, the company said that it had begun a process of exploring and evaluating various alternatives, which included a "possible sale, recapitalisation or initial public offering of the company".

However, the statement added that "there can be no assurance that this strategic review process will result in a transaction".

Emi is currently the fourth largest music label in the world, which generates an estimated £1.6 billion in annual revenue.

Although the company had posted positive earnings before depreciation in 2009 and 2010, business dealings between owners left EMI with massive net losses.

The industry is speculating that Len Blavatnik, the Russian billionaire who is currently in the process of taking over Warner Music, might be the leading figure to take over EMI.

This would form somewhat of a music-supergroup never before seen in the music business.

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Posted on 22 Jun 2011 11:20 to category : Music News

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