Citigroup

  1. EMI: High Bids Put Strategic Buyers -- Including Other Majors -- in the Lead

    August 05, 2011 10:53 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 least ...

  2. Business Matters: What the Stock Market Declines Mean to Music Companies

    August 02, 2011 6:42 PM EDT What the Stock Market Declines Mean to Music Companies -- Concerns about the U.S. debt and hints that the U.S. economy has entered a double-dip recession are dragging down stock markets and impacting music and entertainment companies. New consumer ...

  3. EMI: Who's Bidding? Nearly Everyone Who Bid for Warner Music Group

    July 28, 2011 6:00 PM EDT With the deadline for first-round bids in the EMI auction looming this weekend, sources say that many of the suitors who bid on Warner Music Group have also bid on the British major. While nearly a dozen suitors made bids for WMG, in an auction wo ...

  4. Business Matters: Skullcandy IPO Shows Market Interest in Premium Headphones

    July 25, 2011 5:34 PM EDT Market On Premium Headphones: Outlook Good -- Last week's IPO by headphone maker Skullcandy indicates investors see potential in the growing market for premium headphones. The company sold 9.4 million shares at $20, which was above the $17-$1 ...

  5. Business Matters: Who Pays for Antipiracy Enforcement?

    July 18, 2011 10:22 PM EDT Who Pays for Antipiracy Enforcement? -- Here's a good question: should ISPs in New Zealand pay the enforcement costs of three strikes? It's more than an academic question. A stakeholder that bears no direct costs in fighting piracy has a ...

  6. Can Doug Morris Lead Sony Past Universal Music Group to Be the No. 1 Label?

    June 24, 2011 11:45 AM EDT As Doug Morris moves on from his 15-year tenure at the helm of No. 1 U.S. music company, Universal Music Group, to his new job as CEO of Sony Music Entertainment, will he be able to drive the No. 2 major into the top spot? The industry will know s ...

  7. EMI: Who's Lining up to Buy It?

    June 22, 2011 4:01 PM EDT While EMI announced earlier this week that it is exploring strategic alternatives that will see the company either sold, go public or be recapitalized, the betting is that the major will be put up on the auction block as the first option. Citigrou ...

  8. EMI Gears Up for 'Possible Sale' -- Read CEO Roger Faxon's Memo to Staff

    June 20, 2011 3:23 PM EDT EMI issued a statement on Monday saying that it has launched an effort to find a new owner, among other "strategic alternatives." The company's board "has initiated a process to explore and evaluate potential strategic alternat ...

  9. Sega Becomes Latest Gaming Company to be Hacked

    June 20, 2011 7:20 AM EDT TOKYO - Japanese video game developer Sega Corp said on Sunday that information belonging to 1.3 million customers has been stolen from its database, the latest in a rash of global cyber attacks against video game companies. Names, birth dates, e- ...

  10. Access Reveals Its Warner Music Acquisition Financing Plan in Proxy Statement

    May 23, 2011 4:57 PM EDT Access Industries plans to finance its planned $3.3 billion acquisition of the Warner Music Group by putting up $1.118 billion in equity, obtaining $1.045 billion in bridge loans from Credit Suisse AG and UBS Loan Finance. It will ask the senior s ...

  11. Warner Music/Access Industries Deal Is A Win For Both -- But Will Gores Try to Upend It?

    May 06, 2011 7:48 PM EDT Access Industries' proposed $3.3 billion acquisition of the Warner Music Group (WMG) is turning out to be a "best of both worlds" kind of deal for all involved. For one, the private equity owners of WMG will get another payday on to ...

  12. What Can We Expect From a Blavatnik-Owned Warner Music Group?

    May 06, 2011 11:39 AM EDT Warner Music Group may have a new owner in the form of Len Blavatnik's Access Industries , but broadly speaking, insiders feel we can expect more of the same from the company. That's because his close relationship with WMG chairman and C ...

  13. Warner Music Bids in With Board, Announcement Expected Friday: Sources

    May 04, 2011 7:20 AM EDT Bids for a likely $3 billion buyout of Warner Music Group are in with the company's board for review over the next couple of days, according to two people familiar with the process. Three parties are known to have put in bids for the world� ...

  14. Warner Music $3 Billion Buyout Could be Done this Week: Source

    May 02, 2011 7:13 AM EDT Final buyout bids for Warner Music Group are due on Monday and the company could be sold by the end of the week in a deal valued at over $3 billion, according to a person familiar with the matter. The third round of bids is led by two competing fi ...

  15. EMI To Be Sold By Citi As One Unit

    April 12, 2011 7:18 AM EDT Citigroup (C.N), which got control of the world's fourth-largest record company EMI from British financier Guy Hands in February, plans to sell the company as a whole, the New York Post reported, citing sources. EMI Chief Executive Roger Faxo ...

  16. EMI Combining Sync and Licensing Departments

    April 07, 2011 4:07 PM EDT EMI is combining the synchronization and licensing staffs of its North American publishing and record label operations and putting them under one roof. The move helps the company execute a global rights management strategy initiated by Roger Faxon ...

  17. Universal Motown's Sylvia Rhone Honored By National Action Network; President Obama Speaks At Ceremony

    April 07, 2011 10:55 AM EDT NEW YORK -- Universal Motown President Sylvia Rhone was honored last night at the National Action Network's 20th Anniversary Keepers of the Dream Awards. Other honorees included NFL Hall of Famer Jim Brown, MSNBC President Phil Griffin and NB ...

  18. Business Matters: New York Times App Gets Poor Post-Paywall Reviews, Jay-Z Launches Lifestyle Website

    April 04, 2011 5:00 PM EDT New York Times App Gets Poor Post-Paywall Reviews -- If Americans are turned off at the idea of paying for good reporting, will they pay for unlimited access to music? It's the question of the moment, and reviewer feedback at the iTunes App S ...

  19. Bertelsmann on Mergers and Acquisitions Path In 2011

    March 29, 2011 8:01 AM EDT Europe's biggest media group Bertelsmann BERT.UL said it had the financial muscle to look at acquisitions again after reducing its debt, and would look at Warner Music Group (WMG.N) and possibly EMI. Bertelsmann, which launched its biggest-ev ...

  20. Business Matters: Maybe Gwyneth Paltrow Could Sell a High-Priced Digital Album...

    March 10, 2011 7:43 PM EST Maybe Gwyneth Paltrow Could Sell a High-Priced Digital Album… -- In response to my post on a hypothetical breakeven point for a $900,000 Gwyneth Paltrow album deal, I got an e-mail from an executive regarding the profit margin on digital albums an ...

  21. Rumored and Reported: The Latest on Major Label Sales, Mergers & Acquisitions

    February 22, 2011 2:23 PM EST Terra Firma's failed investment in EMI has set in motion a series of events that could lead to major changes in the music industry. Numerous and rather speculative media reports are detailing the steps being taken by Warner Music Group, BMG R ...

  22. How Citigroup Outfoxed Guy Hands In Its Takeover Of EMI

    February 03, 2011 2:15 PM EST While press reports on Citigroup's takeover of EMI are rife with phrases about how the bank "seized control" (New York Post) in a "surprise move" (Los Angeles Times) that apparently caught Terra Firma chairman Guy Hands of ...

  23. The Daily: Rupert Murdoch's iPad-Only Newspaper Launches, Still A Work In Progress

    February 02, 2011 3:53 PM EST Today marks the launch of The Daily, NewsCorp's iPad newspaper that is founder Rupert Murdoch's vision for the future of digital publishing. Each "issue" features up to 100 "pages" of news, sports, entertainment, goss ...

  24. Business Matters: Homeland Security Shutters Sports Sites Before Super Bowl

    February 02, 2011 2:35 PM EST Homeland Security Shuts Down Sports Sites In Advance of Super Bowl -- With so much attention going to piracy of music, television and film content, it's easy to forget that sports are a heavily pirated good as well. The fact hasn't been ...

  25. EMI: A Look Back At The Guy Hands Era

    February 02, 2011 6:09 AM EST Citigroup's takeover of EMI finally brings to an end Terra Firma's incredible three-and-a-half year ownership. Purchased for £4 billion ($6.3 billion) in May 2007 at the height of the credit market, EMI turned out to be a disastrous inve ...

  26. Exclusive: EMI CEO Roger Faxon Talks Citigroup Takeover

    February 01, 2011 5:42 PM EST On the day that Citigroup assumed control of EMI , EMI Group CEO Roger Faxon was a busy man, but he took a few minutes to talk with Billboard . Billboard : This deal gives Citigroup a lot more flexibility and it gets EMI out of the Terra Firma box ...

  27. Now That Citigroup Has Taken Over EMI, What's Next?

    February 01, 2011 4:26 PM EST Citigroup's earlier-than-expected takeover of EMI Group and its recapitalization of the company's balance sheet effectively presses the fast-forward button on a resolution of the major label group's fate. The bank had been widely ex ...

  28. Citigroup Takes Over EMI

    February 01, 2011 11:36 AM EST Citigroup has acquired EMI Group and has recapitalized the major label group in a debt-for-equity swap, the two sides announced Tuesday. As a result, the company's debt has been reduced by 65% from £3.4 billion to £1.2 billion, and the compan ...

  29. EMI And Warner Music: Destined To Be Together?

    January 28, 2011 10:05 AM EST No matter what happens to EMI or Warner Music Group (WMG), it always seems that speculation about their respective fates is intertwined with that of the other. That was true during the protracted will-they-or-won't-they merger speculation tha ...

  30. Warner Music and EMI For Sale? It Could Happen, Insiders Say

    January 21, 2011 12:00 AM EST All hell has broken loose in the music business: The Warner Music Group will be shopped while it prepares to buy EMI, should that company come up for sale, according to reports. Sources told The New York Times that the private equity firms that ow ...

  31. Warner Selling Publishing To Buy EMI Without Regulatory Scrutiny, Sources Say

    January 21, 2011 12:00 AM EST A person familiar with the matter says Warner Music Group's search for a buyer of its publishing arm, Warner/Chappell, is partly intended to clear a path for it to buy all of British recording giant EMI. The person wasn't authorized to s ...

  32. Warner Music and EMI For Sale? It Could Happen, Insiders Say

    January 21, 2011 12:00 AM EST All hell has broken loose in the music business: The Warner Music Group will be shopped while it prepares to buy EMI, should that company come up for sale, according to reports. Sources told The New York Times that the private equity firms that ow ...

  33. Business Matters: Terra Firma To Appeal Citigroup Ruling; WMG's Revenue Forecast Drops; RapidShare Fights For 'Free Speech'

    January 11, 2011 12:00 AM EST Terra Firma To Appeal Technical Aspects of Citigroup Case -- Terra Firma has filed for leave to appeal and will challenge technical aspects of its trial with Citigroup, Private Equity News reported on Tuesday. Terra Firma will not challenge the ve ...

  34. Business Matters: Is EMI Going To Citigroup Sooner Than Later?

    January 10, 2011 12:00 AM EST Is Terra Firma Handing Over EMI to Citigroup Sooner Than Later? -- Terra Firma may hand over EMI to Citigroup within weeks and buyers have been lined up for its recorded music and publishing divisions, according to a weekend report in The Guardian ...

  35. Business Matters: BMG Wants EMI's Back Catalog More Than Its Publishing

    December 20, 2010 12:00 AM EST BMG Covets EMI Group's Back Catalog More Than Its Publishing -- BMG Rights Management is interested in EMI Group's recorded music back catalog rather than its publishing division, BMG Rights CEO Hartwig Masuch told MusicWeek . "Inte ...

  36. Business Matters: Terra Firma Close to Losing EMI, Reports Say

    December 13, 2010 12:00 AM EST Opinion and analysis of the day's music news. TERRA FIRMA COULD LOSE EMI BY CHRISTMAS -- Reports out of the U.K. claim Terra Firma could lose EMI by Christmas. The paper said Terra Firma chief Guy Hands has told investors to expect the worst ...

  37. Guys Hands Focuses On 'Next Deal'

    November 19, 2010 12:00 AM EST In his first public comments since losing a lawsuit against Citigroup over the EMI deal, Guy Hands said his buyout firm Terra Firma would have "looked like geniuses" if it had not bought EMI Group in 2007. He was speaking at the Nov. 18 ...

  38. Business Matters: Analysts Expect Drop In WMG Revenue

    November 16, 2010 12:00 AM EST Opinion and analysis of the day's music news. Analysts Expect WMG Revenues To Fall -- Citigroup analysts expect Warner Music Group revenues in its fiscal third quarter (the period ending Sept. 30) to drop by 14% to $740 million. In a note to ...

  39. Business Matters: Regulatory Hurdles In EMI's Future

    November 15, 2010 12:00 AM EST Opinion and analysis of the day's music news. -- If EMI takes the path many people expect, regulatory hurdles are likely to be a part of its future. Now that Terra Firma has lost its lawsuit against Citigroup , many people expect EMI - at lea ...

  40. Report: Warner Planning Bid For EMI's Record Company

    November 15, 2010 12:00 AM EST Warner Music is planning a £470 million ($750 million) bid for EMI's recorded music division, according to media reports over the weekend , and may file a proposal with Terra Firma in the next few weeks. This news comes less than two weeks af ...

  41. Business Matters: EMI, Pricing Strategies, 'Share' and more

    November 05, 2010 12:00 AM EDT Opinion and analysis of the day's music news. The Future of EMI -- After Terra Firma’s loss to Citigroup in a New York courtroom, the prognosticators started thinking about EMI’s future. Here’s a sample: • “…the court case certainly ...

  42. Business Matters: Radio Listening Dips, LimeWire Cuts Staff and more

    November 02, 2010 12:00 AM EDT Opinion and analysis of the day's music news. Study: Radio Listening Dips -- American youths are spending more time on the Internet and less time listening to radio, according to a new Edison Research study of 12- to 24-year-olds. Daily radio ...

  43. Business Matters: Terra Firma, Tammy Genovese, Pandora and more

    November 01, 2010 12:00 AM EDT Opinion and analysis of the day's music news. How Much Could Terra Firma Be Awarded In Lawsuit? -- The Wall Street Journal humorously downplays the impact of huge – but reduced – potential damages in Terra Firma’s lawsuit against Citigroup. L ...

  44. Terra Firma's 'Speculative' Testimony Disallowed

    October 29, 2010 12:00 AM EDT Wednesday night turned out to be a costly one for Guy Hands dreams as billions of dollars in potential damages went up in smoke when the theories behind them were disallowed in the lawsuit between Terra Firma and Citigroup. According to press repo ...

  45. Terra Firma vs. Citi Day 2: Did Allegedly False Info Lead To Inflated EMI Price?

    October 19, 2010 12:00 AM EDT In the second day of the Terra Firma/Citigroup trial in New York, lawyers for the plaintiff tried to show how allegedly false information provided by Citigroup helped to stampede the private equity firm into paying an inflated price of 4 billion p ...

  46. Terra Firma vs. Citi: Trial Opens With Battle of Dueling Timelines

    October 18, 2010 12:00 AM EDT The first day of testimony in Terra Firma's lawsuit against Citigroup began as a battle of dueling timelines. In questioning Terra Firma's Tim Pryce, who is currently CEO for the investment firm but was general counsel at the time of its ...

  47. Buyout Firm: Citigroup Cheated In EMI Auction

    October 18, 2010 12:00 AM EDT A lawyer for a British private equity firm has told a jury at the start of a civil trial that the firm was tricked by New York bank Citigroup into paying billions of dollars for the struggling music company EMI in 2007. Attorney David Boies said C ...

  48. Business Matters: EMI, Jammie Thomas, 'Napster Moment' For Ebooks

    October 18, 2010 12:00 AM EDT -- The Terra Firma-Citigroup case starts in a New York City court today (Oct. 18). If the case is going to court, that means the two sides didn't reach the settlement that some in the media were painting as a real possibility before the trial ...

  49. Business Matters: 'Trial of the Century' Set To Start Monday

    October 14, 2010 12:00 AM EDT Opinion and analysis of the day's music news. 'Trial of the Century' Set To Begin Monday -- It’s called the “Trial of the Century” in London and in the States it’s a pretty big deal too. Terra Firma’s lawsuit against Citigroup start ...

  50. Business Matters: Warren Buffett, Pandora, Sufjan Stevens

    September 24, 2010 12:00 AM EDT -- From concert promoters to record labels, people in the industry are wondering when consumer spending will return to pre-subprime loan mess levels. Earlier this week, the National Bureau of Economic Research declared that the recession official ...

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