IRON MAIDEN's Label Home EMI Mulls Possible Sale
June 20, 2011, 13 years ago
According to Reuters, IRON MAIDEN's label home British music company EMI, owned by Citigroup, said today (June 20th) it had launched a strategic review to examine options including a possible sale, recapitalisation or initial public offering.
The group said in a statement that there was no certainty that the process would result in a transaction.
It said it would not disclose further developments until its board had approved a strategic plan.
According to Wikipedia, in February 2010, EMI Group reported pre-tax losses of £1.75 billion for the year ended March 2009, including write-downs on the value of its music catalogue. Subsequently, Citigroup took 100% ownership of EMI Group from Terra Firma on February 1, 2011, writing off £2.2 billion of debt and reducing EMI's debt load by 65%.
