Citi to Sell EMI Units for $4.1 Billion
The protracted auction of EMI Group neared a conclusion Friday, with Citigroup Inc., owner of the storied British music company, selecting buyers for its publishing arm and recorded-music label—at a price that well exceeds many industry watchers’ expectations.
Barring a last-minute hitch, EMI’s recorded-music unit will be sold to Vivendi SA’s Universal Music Group for $1.9 billion, while a group spearheaded by Sony Corp.’s music division will buy the publishing operation for $2.2 billion, according to a person familiar with the matter. The deal, valued at $4.1 billion in total, could be announced later Friday, but the bank may wait until the weekend, the person said.
