What Will CitiGroup Do With EMI?February 2, 2011 – In The News
CitiGroup gained control of EMI from Guy Hands on Feb. 1, acquiring 100 percent of the share capital. Now the question is, what will CitiGroup do with EMI? Warner Music Group is exploring EMI to potentially buy it.
Lori Landew noted that "WMG has an obligation to its shareholders to explore all alternatives, including a possible sale of assets. However, I do not believe that WMG is seriously putting itself on the block at this time." Landew sees Bertelsmann possibly making a move on publishing assets, saying the German conglomerate is "back in the picture but focused primarily on the music publishing end of the business, which has always been among the more stable aspects of the business. EMI's publishing unit is among the best and would be a jewel in any music publishing crown."