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NOTEABLE READ: EMI No Longer a Player in The Music Industry

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EMI’s recorded-music unit will be sold to Vivendi SA’s Universal Music Group for $1.9 billion, the companies confirmed Friday. A group spearheaded by Sony Corp.’s music division is to buy the publishing operation for $2.2 billion, according to a statement from the company. The publishing deal, bringing the total value to $4.1 billion, was announced on Friday.The outcome of the auction is a surprise on many levels. Neither Universal nor Sony had been seen as likely winners in the months of frenzied speculation since Citigroup officially put EMI, home to acts including the Beatles and Katy Perry, up for sale in June. Rather, a partnership between private-equity firm KKR and Germany media group Bertelsmann AG was long reported to be the frontrunner for EMI Music Publishing, while Warner Music Group was expected to consolidate the recorded arm.Sony is a minority partner in a motley consortium that also includes the estate of Michael Jackson; Mubadala Development Co. PJSC; Jynwel Capital Ltd.; the Blackstone Group’s GSO Capital Partners LP; and billionaire entertainment mogul David Geffen. EMI Music Publishing is to be overseen by…

WSJ (Whole Article)

Written by One

November 14, 2011 at 2:30 PM

Posted in Business, Music

Tagged with , , , , ,

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