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Author Topic: Universal Music's £1.2bn acquisition marks end of the road for EMI  (Read 474 times)

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The Guardian
November 11,2011
Universal Music's £1.2bn acquisition marks end of the road for EMI

The deal trumped an offer by rival company Warner Music and is the first part of the breakup of the British music major.Universal Music has triumphed in the auction of EMI's recorded music division, home to the Beatles, Coldplay and Tinie Tempah, tabling a knockout offer of £1.2bn ($1.9bn).The deal is about $500m more than that offered to owner Citigroup by rival Warner Music, which pulled out of the running a week ago, and marks the end of the road for the British company as a music major.Friday's sale is the first part of the break up of EMI, with the music publishing division tipped to go to a consortium led by Sony for about $2.2bn.


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