Music
EMI Offers Up Its Back Catalogue to Rival Labels
by Ciaran Thompson
March 22, 2010
EMI is currently in talks with Universal, Sony and Warner to mortgage its catalog of recordings, which includes music from The Beatles, Pink Floyd, Blondie, among others, in an attempt to avoid being bought out by Citigroup, who owns the label’s $600 million debt. The deal would involve a takeover of the North American catalog for a five year time span. EMI owner Terra Firma believes the money raised will be able to save the label from being bought out by Citi. The label has till June 14 to bring in the money or Citi could take control of the company.
If the deal goes through EMI, one of the four major record labels, would withdraw from the world’s largest music market. Earlier this year EMI offered to sell the iconic Abbey Road Studios before it was designated a historic site by the government.
