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EMI Falls Under Citigroup’s Umbrella

EMI Falls Under Citigroup’s Umbrella (photo)

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Citigroup Inc. has seized control of EMI Group after the record label group failed to meet the loan terms used to finance its previous takeover by multimillionaire Guy Hands and his private equity firm, Terra Firma. The London-based EMI, a century-plus-old company, includes the labels Astralwerks, Blue Note, Capitol, Virgin Records, and of course, EMI Records among others.

Citigroup now owns all of EMI, according to Bloomberg’s Business Week , and in the debt-for-equity swap EMI’s debt decreased “by 65 percent to 1.2 billion pounds ($1.94 billion).”

The takeover may lead to a sale, now that the company’s crippling debt has been so considerably reduced. Warner Music Group and BMG may be floating some bids to be the new owners of the considerable catalog that EMI represents. Aside from current artists like the Beastie Boys, Coldplay, Gorillaz, and Norah Jones the group’s catalog includes legendary records like Bowie’s “Ziggy Stardust,” The Beatles “Revolver” and “Sgt. Pepper’s Lonely Heart’s Club Band,” Beach Boys’ “Pet Sounds,” Miles Davis’ ”Birth Of The Cool,” Pink Floyd’s “Dark Side Of The Moon,” Radiohead’s “OK Computer” and Frank Sinatra’s “Songs For Swingin’ Lovers.”

Such a colossal record collection has not given EMI an edge against digital downloads and rampant file sharing/piracy though, and the company struggled to survive the past several years. Mr. Hands, the financier extraordinaire, who is attributed with saying that securitisation (re-selling contractual debts like mortgages and auto loans to investors who then earn interest on the payments) “is the crack cocaine of the financial services industry,” sued Citigroup last year alleging that the bank had tricked him into buying EMI — but that didn’t stop him from trying to hold onto the high profile company for which he paid $6.5 billion for in 2007, just before the global credit crisis annihilated his investment.

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The Best Of The Last

Portlandia Goes Out With A Bang

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The end is near. In mere days Portlandia wraps up its final season, and oh what a season it’s been. Lucky for you, you can watch the entire season right now right here and on the IFC app, including this free episode courtesy of Subaru.

But now, let’s take a moment to look back at some of the new classics Fred and Carrie have so thoughtfully bestowed upon us. (We’ll be looking back through tear-blurred eyes, but you do you.)

Couples Dinner

It’s not that being single sucks, it’s that you suck if you’re single.

Cancel it!

A sketch for anyone who has cancelled more appointments than they’ve kept. Which is everyone.

Forgotten America

This one’s a “Serial” killer…everything both right and wrong about true crime podcasts.

Wedding Planners

The only bad wedding is a boring wedding.

Disaster Hut

It’s only the end of the world if your doomsday kit doesn’t include rosé.

Catch up on Portlandia’s final episodes on demand and at

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Your Portlandia Personality Test

The New Portlandia Webseries Is Going Your Way

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Carrie and Fred understand that although we have so much in common, we’re each so beautifully unique and different. To help us navigate those differences, Portlandia has found an easy and honest way to embrace our special selves in the form of a progressive new traffic system: a specific lane for every kind of driver. It’s all in honor of the show’s 8th and final season, and it’s all presented by Subaru.

Ready to find out who you really are? Match your personality to a lane and hop on the expressway to self-understanding.

Lane 10: Trucks Piled With Junk

Your junk is falling out of your trunk. Shake a tail light, people — this lane is for you.

Lane 33: Twins

You’re like a Gemini, but waaaay more pedestrian. Maybe you and a friend just wear the same outfits a lot. Who cares, it’s just twinning enough to make you feel special.

Lane 27: Broken Windows

Bad luck follows you around and everyone knows it. Your proverbial seat is always damp from proverbial rain. Is this the universe telling you to swallow your pride? Yes.

Lane 69: Filthy Cars

You’re all about convenience. Getting your car washed while you drive is a no-brainer.

Lane 43: Newly Divorced Singles

It’s been a while since you’ve driven alone, and you don’t know the rules of the road anymore. What’s too fast? What’s too slow? Are you sending the right signals? Don’t worry, the breakdown lane is nearby if you need it.

Still can’t find a lane to match your personality? Check out all the videos here. And see the final season of Portlandia this spring on IFC.

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Last-Minute Holiday Gift Guide

Hits from the '80s are on repeat all Christmas Eve and Day on IFC.

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GIFs via Giphy, Photos via The Everett Collection

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