EMI Sold For $1.9 Billion To Vivendi

Vivendi signed a deal to buy the recorded music division of EMI, which holds the rights to the Beatles, from its owner Citigroup, the companies said Friday.

Paris-based Vivendi and its subsidiary Universal Music Group inked an agreement for EMI with Citigroup  $1.9 billion.

For me, as an Englishman, EMI was the pre-eminent music company that I grew up with,” said Universal Music Group Chief Executive Lucian Grainge, in a media release. “Its artists and their music provided the soundtrack to my teenage years. Therefore, UMG is committed to both preserving EMI’s cultural heritage and artistic diversity and also investing in its artists and people to grow the company’s assets for the future.”

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