Universal Music Group Buys EMI Music
The music industry just got a little smaller as the number of major record labels falls to three
EMI's recorded music division is no more after Universal Music bought the ailing British music giant for $1.9bn in a deal that will split the world's fourth-largest music company into two holdings owned by separate corporations.
It will acquire the major works of acts including the Beatles, Pink Floyd, Radiohead, Coldplay and the Beach Boys, which it will add to its roster of artists that includes Aerosmith, Deep Purple, Bon Jovi and U2.Â
Citigroup is expected to announce later today that it will sell EMI Music Publishing to an investment group led by Sony for a reported $2.2 billion.
There is a belief that these deals may face some antitrust investigation as the market share of Universal and EMI is roughly 36% worldwide, but the deal will almost certainly go ahead without any major problems, thus effectively bringing to an end the great musical history of EMI after 70 years.