Universal Music to buy EMI group for $1.9B

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LOS ANGELES (AP) - Vivendi SA’s Universal Music Group has agreed to buy the recording division of British music company EMI Group Ltd. for 1.2 billion pounds ($1.9 billion).

The deal leaves Citigroup, EMI’s owner, with liability for a pension plan worth about $600 million.

Citigroup had put the home of The Beatles, Coldplay and Katy Perry up for sale after foreclosing on private equity firm Terra Firma in February.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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