Citi Group Takes Over EMI Record Label
Written by: Trill Nadia
A merger of label subsidiaries that has occurred will possibly affect artists including Raekwon, Snoop Dogg, and Twista.
Well renowned EMI Music Group, which includes labels Virgin, Capitol, Priority, Blue Note, and others, have been obtained by banking powerhouse Citigroup. According to Billboard.com, the deal was made as a debt-for-equity agreement, which would in turn reduce EMI’s debt by 65%.
EMI is perhaps most well-known for The Beatles and John Lennon’s music catalogs, though the label has connections with several Hip-Hop artists including The Beastie Boys, Raekwon, Snoop Dogg, and Twista.
EMI Group’s CEO Rodger Paxon will remain in office, as the purchase agreement states (HipHopDX).