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EMI Tries to Pawn Catalog to Stop Citi Takeover
EMI is in serious talks with other labels to manage its most valuable asset - a deep catalog including The Beatles, Pink Foyd, Blondie and more - in exchange for the $600 million USD that it needs to stop a takeover by lender Citi.
The deal would reportedly run for five years, though sources say that interested parties want more time to recoup. Universal reportedly go the first call from EMI, but Sony and Warner Music are now in the game as well. “They are not quite selling the family jewels - just taking them to the pawn shop," a source told London's Sunday Times. EMI has until June 14th to complete a restructuring or Citi could seize control.
