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ownership as part of a $1.9 billion deal that would see Universal Music acquire the recorded music business of EMI Group.
Universal’s parent company, Vivendi, announced that it agreed to buy the music business from Citigroup.
If cleared, EMI’s stable of artists – including the likes of Coldplay and Katy Perry – would join the world’s largest music group.
“There was a lot of duplication of efforts. It’s not a good thing for anybody because when this happens. Jobs will be lost, lives will change. But as we move to a digital world, which is what I’ve been focused on the last 20 years, it’s an eventuality of economies of scale that you do it better in a leaner fashion.”
Meanwhile, two people familiar with the matter said a consortium led by Sony is expected to buy EMI’s publishing operation for $2.2 billion.
This means EMI owner, Citigroup Inc., will reap a better-than-expected $4.1 billion from the two deals.
The financial conglomerate had helped to finance an ill-fated acquisition of the British music group by Guy Hands’ private equity firm, Terra Firma, and won control of EMI in February.
Universal Music’s CEO, Lucian Grainge, promises to replenish and rebuild EMI’s rosters.
Bottom line: Vivendi’s Universal Music unit says it plans to buy British rival EMI Group’s recorded music business from Citigroup in a $1.9 billion deal. Also, EMI’s publishing operation is expected to be bought by a Sony-led consortium for $2.2 billion.