Citigroup

  1. EMI Group's £1.5 Billion Pension Fund Sold to PIC, Largest Pension Insurance Buyout in U.K. History

    July 09, 2013 2:10 PM EDT Given the tumultuous recent history of EMI, members of its pension fund could count themselves fortunate that the fund will live on. As Music Week reports , the 20,000-member pension fund of the former EMI Group, worth £1.5 billion (roughly $2.2 ...

  2. Backbeat: Lady Antebellum’s 'Golden' Album Release Party and Performance

    May 09, 2013 10:12 AM EDT “I feel like I can touch everybody,” Lady Antebellum’s Charles Kelley said with a smile last night, while standing on the small stage at the McKittrick Hotel in New York. And actually, he could. The tiny crowd of about 200 Citi card holders and ...

  3. Terra Firma’s Guy Hands Breaks Silence on EMI: ‘We Learned Some Very Expensive Lessons' (Video)

    March 05, 2013 2:48 PM EST Guy Hands, founder and chairman of private equity firm Terra Firma, spoke rather candidly on the missteps he and his firm made in its management of EMI in a video interview posted today on Bloomberg (below). Terra Firma purchased the music compan ...

  4. Don Was On Blue Note's 'Radical' Spotify App, OpenEMI, Revitalizing Label at FutureSound Keynote

    November 16, 2012 10:10 AM EST Was, Not Was: Don Was (left) being interviewed by Steve Jang: Co-Founder/CEO, Soundtracking at Billboard's FutureSound Conference. (Photo: Arnold Turner) Blue Note Records president Don Was told San Francisco technologists that the label' ...

  5. Roger Faxon Joining Board of British TV Network ITV

    October 22, 2012 1:23 PM EDT Roger Faxon, former CEO of EMI Group Ltd, is joining the board of the UK's Independent Television Authority (ITV) as a non-executive director effective Oct. 31 2012, according to a release sent out by the network. "Roger will bring to th ...

  6. Morning Fix: Daniel Glass on Mumford & Sons; Microsoft and Rdio; Adele Returns; Jay-Z's New YouTube Channel

    October 05, 2012 8:05 AM EDT Head HERE to subscribe to Billboard's free music-business newsletters JEFF CASTELAZ NAMED PRESIDENT OF ELEKTRA RECORDS: Jeff Castelaz has been named President of Elektra Records, where he will oversee all areas of the label's operation w ...

  7. Business Matters: Universal's Deal for EMI No Longer a Sure Thing, But Still Worthwhile

    September 21, 2012 10:00 PM EDT How much will Universal Music Group miss that pound of flesh the European Commission took when it forced considerable concessions from the world's largest record company in exchange from its approval of a merger with EMI Music? That's th ...

  8. EU to Vote on Universal-EMI Deal Tomorrow, Outcome Uncertain: Sources

    September 06, 2012 8:43 AM EDT Things are coming to a head in the European Union commission's review of Universal Music Group's bid to buy EMI's recorded-music operation. On Friday, an EU advisory committee is expected to vote on whether or not to approve the acq ...

  9. Morning Fix: Bankers Big Winners in EMI-UMG Deal; SEO B.S.; VMAs Relevance; Matchbox 20 Aim For No. 1

    September 06, 2012 7:50 AM EDT Head HERE to subscribe to Billboard's free music-business newsletters. MATCHBOX TWENTY AIMING FOR FIRST NO. 1 ALBUM ON NEXT WEEK'S BILLBOARD 200: Watch for Matchbox Twenty to nab its first No. 1 on the Billboard 200 next week. Also heade ...

  10. Universal Music-EMI Update: Where the Deal Stands Before Things Heat Up This Week

    August 24, 2012 5:13 PM EDT While things have been a bit quiet recently around the Universal Music Group's proposed acquisition of EMI, expect them to heat up toward the end of this week and especially after the Labor Day weekend. Universal/EMI: Deal Looks Likely to Be ...

  11. Inside EMI's Financials: A Healthy Core Business

    August 08, 2012 8:26 AM EDT The financial results released yesterday by EMI showed a company with healthy core businesses but hit hard by goodwill impairment charges triggered by the market valuations it received from the winning bids in the auction to sell the company. On N ...

  12. Universal/EMI: Deal Looks Likely to Be Approved, But at What Cost to UMG?

    July 26, 2012 3:30 PM EDT The extensive, lengthy and ongoing negotiations between the Universal Music Group and the European Union Commission to hammer out a concessions package of assets to be divested means that the regulatory agency is likely to approve the acquisition ...

  13. Universal-EMI Divestment Package Expected to Be Complete by Monday, Possibly Sooner

    July 20, 2012 6:25 PM EDT As of late Friday afternoon (ET), the Universal Music Group's remedies package of assets to be divested as part of its effort to win regulatory approval of its proposed acquisition of still had not been formally submitted to the EU Commission ...

  14. Universal Music's Concessions Grow in EMI Deal; Sale of Virgin U.K. Looks Likely

    July 17, 2012 11:01 PM EDT The Universal Music Group will take some extra time to prepare and submit its remedies package to the EU Commission, as part of its gambit to win regulatory approval to acquire EMI's recorded-music division. Depending on who you listen to, th ...

  15. Universal Music May Divest Virgin Records, EMI Classics (Report)

    July 16, 2012 7:48 AM EDT LONDON - Vivendi's Universal Music Group could offer to divest Virgin Records and EMI Classics, as well as the distribution rights to independent label Mute to clinch European regulators' approval for its proposed acquisition of EMI' ...

  16. Universal Music's Lucian Grainge Proposes 'Manifesto For New Music Industry'

    July 10, 2012 6:53 PM EDT Lucian Grainge has plans to sell assets, invest heavily in A&R, and keep EMI as intact as possible while trying to gain approval for Universal Music Group's proposed acquisition of EMI's recorded music division in both the U.S. and E ...

  17. Updated: Sony-Led Group Closes Purchase of EMI Music Publishing

    June 29, 2012 10:54 AM EDT The Sony Corp. of America led investor consortium completed its acquisition of EMI Music Publishing today, just hours after the Federal Trade Commission issued a statement saying it closed its antitrust investigation of the $2.2 billion deal -- wh ...

  18. Music Execs Debate Promise and Threats of Universal-EMI Merger at Senate Hearing

    June 21, 2012 8:28 PM EDT Some of the music industry's top music executives painted various pictures of the Universal Music Group-EMI merger at a Senate Judiciary subcommittee hearing Thursday afternoon. It was a rare opportunity to see well-known executives queried a ...

  19. Business Matters: Lobbying, Spending Heat Up Before Universal/EMI Senate Hearing

    June 20, 2012 6:00 PM EDT Lobbying Heats Up Before Universal/EMI Senate Hearing -- Stakeholders have been spending and strategizing ahead of Thursday's Senate Judiciary subcommittee hearing on Universal $1.9 billion acquisition of EMI Music's recorded-music divis ...

  20. Queen Manager Jim Beach on EMI-Universal Deal: EMI Shouldn't Be Owned by a Private Equity Firm

    May 08, 2012 12:00 PM EDT Jim Beach, manager of U.K. rock band Queen, has spoken out in support of the proposed Universal-EMI merger. In a letter published in the British newspaper The Times on May 5, Beach said that: "Today's music business is very different to ...

  21. Sony/ATV Offers Unspecified Concessions to European Union in EMI Music Publishing Deal

    March 27, 2012 3:49 PM EDT BRUSSELS (AP) - A group of investors led by Sony has offered concessions to the European Union to get approval for its deal to buy part of iconic British music company EMI, the bloc's competition regulator said Tuesday. Sony/ATV, a joint vent ...

  22. Impala Reiterates Its Opposition to EMI Publishing/Sony Merger

    February 28, 2012 3:25 PM EST Independent rights group Impala is reiterating its opposition to Sony's acquisition of EMI Music Publishing from Citigroup. Tuesday's statement comes a day after Sony officially notified the European Commission's antitrust regulator ...

  23. Universal Music Formally Requests EU Approval to Purchase EMI's Labels

    February 20, 2012 1:15 PM EST Vivendi's Universal Music Group today formally requested European Union regulators' approval to buy EMI's recorded-music division. An initial deadline of March 23 was set for a ruling on the deal, according to the European Commissio ...

  24. Billboard Power 100: Len Blavatnik

    January 27, 2012 10:00 AM EST No. 8 Len Blavatnik Owner Warner Music Group Twitter: @warnermusic The Owner... Len Blavatnik has a distinction that no one else in the world can claim: He's the only person who owns a major-label group. Even Terra Firma's Guy Hands had ...

  25. Billboard Power 100: Roger Faxon

    January 27, 2012 10:00 AM EST No. 24 Roger Faxon CEO EMI Group Riding The Wave... Circumstances have rendered Roger Faxon, CEO of EMI Group since mid-2010, the industry's most prominent lame-duck executive. Citigroup's auction of EMI last year ended with a Sony-led c ...

  26. HMV Holiday Sales Tumble As Interest In Retailer's Live Division Grows

    January 09, 2012 11:01 AM EST Troubled U.K. entertainment retailer HMV ended 2011 in much the same way that its year began: with falling sales and mounting speculation about its future. The company's latest financial statement reports that the company suffered an 8.1% dro ...

  27. Business Matters: EMI Sues Grooveshark (Again), Pandora Takes Longview, Sirius Adds 1.7M Subscribers, EMI Execs' 'Forfeited' Bonuses Overstated

    January 05, 2012 6:39 PM EST EMI Sues Grooveshark for Breach of Contract -- Controversial music-streaming service has been sued by EMI - again. EMI Music Publishing has Grooveshark for breach of contract, according to reports at the New York Times and other outlets. The lawsu ...

  28. FTC Reviewing Citigroup's Sale of EMI To Universal, Sony: Report

    December 22, 2011 12:09 PM EST The FTC is reviewing Citigroup's sale of EMI's recorded music and publishing divisions, according to a New York Post report . The sale of EMI's divisions - recorded music to Universal Music Group for $1.9 billion and music publishin ...

  29. Record Label Shake Ups, Sales Make For A Tumultuous Year In The Music Industry

    December 08, 2011 7:55 AM EST With the sale of Warner Music Group, the planned sale and breakup of EMI Group and the installation of new management at each of the three surviving majors, 2011 was a year of seismic shifts in the major-label landscape. The rumbles began immediat ...

  30. Read: EMI CEO Roger Faxon's FAQ to Staff Explaining Procedure for Universal, Sony Deals

    November 14, 2011 7:36 AM EST Late Friday, EMI CEO Roger Faxon circulated a note to the company's staff regarding the sale of the company's recorded-music division to Universal and its publishing unit to Sony . "Truly there are some very serious consequences for ...

  31. It's Official: Sony-Led Group Purchases EMI Music Publishing for $2.2 Billion

    November 11, 2011 6:38 PM EST It's official: An investment group led by Sony Corp. has signed a definitive purchase agreement to acquire EMI Music Publishing for $2.2 billion from Citigroup. In addition to Sony Corp. of America, the investment group is comprised of the es ...

  32. EMI's Deals WIth Universal, Sony Face Inevitable -- But Different -- Regulatory Scrutiny

    November 11, 2011 5:46 PM EST The sale of EMI is just the beginning in what could be a lengthy process that further consolidates the record and music publishing businesses. Citigroup's sale of EMI -- its recorded-music division to Universal Music Group and its music publi ...

  33. Sony/EMI Deal: Publishing Companies Would Remain Separate, But Managed by Sony

    November 11, 2011 4:05 PM EST While Citigroup and the Sony-led investment group are still working on the final wording for the purchase agreement so it can be signed, sources say that that Sony/ATV Music Publishing will manage the EMI publishing assets, but its own copyrights ...

  34. IMPALA Says It Expects EMI-Universal Deal to Be 'Blocked Outright'

    November 11, 2011 3:04 PM EST In the wake of this morning's announcement that Vivendi/Universal Music Group have signed with Citigroup a "definitive agreement" to purchase EMI's recorded-music division , IMPALA, Europe's Independent Music Companies Ass ...

  35. EMI Publishing Goes to Sony, Label to Universal

    November 11, 2011 10:34 AM EST In yet another surprise during a week of head-spinning rumors and negotiations , Citigroup this morning announced the completion of the sale of EMI's recorded-music operation to Vivendi/Universal Music Group, ahead of its pending announcement ...

  36. EMI Publishing Deal Might Close Before Label

    November 11, 2011 1:48 AM EST With the Financial Times reporting that a deal with Citigroup and Universal for EMI's recorded music division could be struck by the start of next week, sources say that the bank may close the publishing deal first, possibly as soon as today ...

  37. EMI Split Sale Approaches, But Complications Persist

    November 10, 2011 7:14 PM EST Press reports in the Guardian and the Wall Street Journal may suggest that Citigroup is close to completing two separate deals to sell EMI, but sources say that both negotiations still have complications to overcome. Citigroup is seeking $1.7 mill ...

  38. EMI Sale Intensifying As Citigroup Renews Negotiations With Sony, Gets Real With Universal

    November 09, 2011 7:13 PM EST In a turnaround from last week when nothing happened, Citigroup is not only making a renewed effort to sell EMI recorded music operations to Universal, but is also again actively engaging in discussions with Sony Corp., about EMI Music Publishing, ...

  39. Is Renewed Interest In EMI Auction Real, or Just Smoke?

    November 08, 2011 8:04 PM EST A frenzy of news stories Tuesday would have you believe that the Citigroup run auction for EMI's recorded music operation is not only heating up, but could soon come to a head. Whether that's true or simply just smoke and mirrors remains ...

  40. EMI: Access/Warner Pulls Out of Auction

    October 30, 2011 9:28 PM EDT In an apparent game of brinkmanship, Len Blavatnik's Access Industries has pulled out of the auction for EMI's recorded music operation, sources confirmed to Billboard.biz, even though the company was said to be the front-runner in the b ...

  41. Updated: As EMI Auction Hits Home Stretch, Who's in the Lead? Depends Who's Talking ...

    October 27, 2011 3:00 PM EDT UPDATE Friday 6 p.m. ET : While it was widely speculated that there would be news about the status of EMI's auction today (October 28), the week is closing with negotiations still ongoing, sources tell Billboard.biz. The biggest hold-up revol ...

  42. Robbie Williams leaves EMI for Universal

    October 21, 2011 3:53 PM EDT Robbie Williams, one of the most successful artists on EMI, has left the company and signed with Universal for his next solo LP, according to the Financial Times and other online reports. "I'm really thrilled to be joining the Universal ...

  43. Business Matters: Rihanna's 'Unlocked' Facebook App Gets Her 750,000 New Followers

    October 19, 2011 5:27 PM EDT Rihanna's 'Unlocked' Facebook App Gets Her 750,000 New Followers -- A Facebook app created for Rihanna's new album is gaining the singer a horde of new social media followers. The app, titled " Unlocked," is a promoti ...

  44. EMI: With Bids Low, Company Considers Whether to Split Up or Postpone Sale

    October 17, 2011 4:05 PM EDT While Citigroup is keeping all five known EMI bidders on the hook, it isn't yet actually conducting a formal third round of bidding with a deadline, sources tell Billboard.biz. Instead, they have been in touch with all bidders, asking them to ...

  45. Business Matters: Would You Buy Pandora Stock at $18 a Share?

    October 14, 2011 5:44 PM EDT Would You Buy Pandora Media for $18 a Share? -- Barrington Research initiated coverage on shares of Pandora Media (NYSE:P) this week. Its analysts set a price target of $18 and gave the stock an "outperform" rating. The note to investors ...

  46. EMI Auction: Second-Round Bids Are In, Questions Still Looming

    October 06, 2011 10:06 PM EDT With the second-round bids for EMI now in (as of Oct. 5), it will take a few days for clarity about the situation to emerge, sources say. Of course, Citigroup and EMI know what they have in hand, but bidders and their consultants are unsure of whe ...

  47. EMI Auction: Who's Got the Inside Track?

    September 30, 2011 4:30 PM EDT With the second-round, Oct. 5 deadline looming large in the EMI auction process, it sounds like the strategic bidders have the inside track, according to an informal survey of bidders, consultants involved in the deal and industry sources generall ...

  48. BMG's Purchase of Bug Music Finds It Closing in on Majors

    September 16, 2011 2:17 PM EDT There's been a persistent rumor about BMG Rights Management, the music publishing joint venture between German media giant Bertelsmann and private-equity firm Kohlberg, Kravis & Roberts: If it doesn't succeed in acquiring the publish ...

  49. Guy Hands Launches New Lawsuit Against Citigroup Over EMI

    September 08, 2011 2:05 PM EDT Terra Firma chairman Guy Hands has instigated legal proceedings against Citigroup over the way it acquired EMI, according to reports. U.K. newspaper The Guardian claims Hands has applied to the high court requesting information about the condition ...

  50. Higher-Than-Expected Bids for EMI Group Could Favor Strategic Buyers--Including the Other Majors

    August 05, 2011 11:42 AM EDT With the first round of bids in for Citigroup's auction of EMI Group, the higher-than-expected levels of the bids suggest that strategic suitors--including the other major-label groups--may have a leg up on other bidders. Sources say at lea ...

Pages