EMI sold to equity group
Terra Firma buys record label group
EMI has been sold to equity group Terra Firma.
The company secured more than the 90 per cent of shareholder approval it needed.
By today’s deadline (August 1), 90.3 per-cent of EMI investors had agreed to the £2.4bn takeover offer by the UK company, headed by buyout specialist Guy Hands.
EMI’s artists include The Beatles, The Rolling Stones, Coldplay and Lily Allen.
The company attracted interest from Warner Music, which had a bid rejected earlier this year.
EMI saw its sales decline dramatically over the past year.
In May EMI said that it had made a £260 million loss in its latest financial year, which is thought to reflect the popularity of digital downloads, reports BBC News.
The company secured more than the 90 per cent of shareholder approval it needed.
By today’s deadline (August 1), 90.3 per-cent of EMI investors had agreed to the £2.4bn takeover offer by the UK company, headed by buyout specialist Guy Hands.
EMI’s artists include The Beatles, The Rolling Stones, Coldplay and Lily Allen.
The company attracted interest from Warner Music, which had a bid rejected earlier this year.
EMI saw its sales decline dramatically over the past year.
In May EMI said that it had made a £260 million loss in its latest financial year, which is thought to reflect the popularity of digital downloads, reports BBC News.
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