Citi Nears Sale Of EMIOctober 28, 2011 – In The News
EMI record company, the British label home to The Beatles, Coldplay, Katy Perry and others, is now up for sale by Citigroup. Len Blavatnik's Access Industries is looking to purchase the label’s recorded music division for $1.5 billion and combine it with Warner Music Group, which was purchased earlier this year for $3.3 billion.
While Access may be getting a deal on the price, the sale may not be great for musicians as it would reduce the number of major record companies from four to three, giving artists fewer options when trying to sign with a label.
“The fewer major labels there are, the fewer places there are for artists to have a home,” said entertainment attorney Lori Landew. “Inevitably, there is a shedding of artists at some point. And for the consumer, there is less choice.”