- Associated Press - Friday, June 29, 2012

NEW YORK (AP) - A group led by Sony says it has closed on its acquisition of British music company EMI Music Publishing from Citigroup.

It offered $2.2 billion in November for EMI Music’s publishing businesses.

The closing comes after the U.S. Federal Trade Commission cleared the deal on Friday morning. The deal was cleared by EU regulators in April, with some conditions.

Besides Sony, the buyers include the Michael Jackson estate and several investment funds including United Arab Emirates government-backed fund Mubadala Development Co.

EMI’s publishing arm manages the rights to songs of popular artists such as Amy Winehouse, Regina Spektor and Rihanna.

Universal Music Group has a pending deal to buy the rest of EMI.

Citigroup had foreclosed on private-equity firm Terra Firma, which bought the music company in 2007.

Copyright © 2016 The Washington Times, LLC.

blog comments powered by Disqus

 

Click to Read More

Click to Hide