EMI has been taken over by US bank Citigroup in order to write off the debt. In 2007, the bank loaned money to Guy Hands' private equity firm Terra Firma to take over the music empire. The takeover was disaster and Terra Firma has lost the entire £1.7bn they put into EMI. EMI has racked up debts of £3.4bn to Citigroup, but now has been reduced to £1.2bn.
The label will continue under the same management but the bank plans to sell it on.
Radiohead, The Rolling Stones, Joss Stone, Queen were among the ones who left EMI after Terra Firma's takeover.
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EMI Taken Over By Citigroup
