According to Bloomberg Businessweek, Citigroup sold EMI in parts to Universal Music Group as well as a group led by Sony Corp. This marks the conclusion of a nine-month struggle to reach a deal, with Warner Music Group trying to get a piece of the historic label.
How does this affect you, the listener? Well, let's just say that two of the biggest major labels just got even bigger. “Universal will go from being the largest recorded music company to significantly the largest recorded music company,” said business analyst Ben Rumley.
“This is the greatest grouping of songs from every decade,” said Martin Bandier, CEO of Sony/ATV, who will now oversee the publishing of EMI's music. “It was a real advantage for us and our investor group to have a sense of the value of these songs and the potential that is yet untapped.”
With EMI dissolved, Sony, Universal, and Warner Bros. remain as the three major powers of an ever-evolving music industry.