X

The EMI label who last month was cutting deals with Apple that saw the Beatles music available on iTunes is set to be owned by a US bank after their holding Company found themselves unable to pay out billions in debt.


The EMI label who last month was cutting deals with Apple that saw the Beatles music available on iTunes is set to be owned by a US bank after their holding Company found themselves unable to pay out billions in debt.

Private equity firm Terra Firma is set to cede control of  EMI to Citigroup — the bank that loaned it billions to help buy the label which despite record iTunes demand for Beatles content has been unable to generate enough cash to bail them out of trouble.

The private equity firm is now reportedly telling its backers it may have to give up EMI, should the backers opt not to provide additional financing to help pay back Citigroup’s loans.

Terra Firma recently lost a court battle with Citigroup, where it had essentially alleged that the bank fraudulently goaded Terra into buying EMI.

Since Terra Firma’s $6.7 billion acquisition of EMI in 2007, the label under new leadership has undertaken a range of cost-cutting measures.

Should Citi eventually gain control of EMI, it’s likely to put the label up for sale with Steve Jobs tipped to be an interested buyer, however it is not known whether he wants to buy EMI as a private investment or for Apple.

n the last few hours the entire catalog of The Beatles – the most influential and popular band in music history – has gone live for digital download sale exclusively on the Apple’s iTunes platform.

Banner Shyla 728x90 The Beatles And Apple Fail To Save EMI
LB 728x90 The Beatles And Apple Fail To Save EMI
PAN1992 MWO Banners LB 728x90px V2 The Beatles And Apple Fail To Save EMI
728x90 7 The Beatles And Apple Fail To Save EMI
LG HE FN Series Banners 4SQM LB 728x90 The Beatles And Apple Fail To Save EMI
728x90 5 The Beatles And Apple Fail To Save EMI
4SQM banner 728x90px SOUL The Beatles And Apple Fail To Save EMI
ARL0356 Arlo Pro 4 Tax Time Banner 728x90 V2 scaled The Beatles And Apple Fail To Save EMI
728x90 The Beatles And Apple Fail To Save EMI
%name The Beatles And Apple Fail To Save EMI


YOU MAY ALSO LIKE