Universal Music buys EMI Recorded Music

It's official: French conglom Vivendi and it is Universal Music subsid Friday introduced an offer to get battling EMI from Citigroup for around $1.9 billion. Vivendi stated it might finance the transaction from existing lines of credit and selling about 500 million pounds price of non-core Universal Group assets. Universal may be the world's greatest group. "We're very proud to welcome EMI in to the Vivendi family. All of us respect labels within EMI along with the artists and employees who lead to the success. They'll find inside our group a secure, lengthy-term home, based in Europe," stated Vivendi Boss Jean- Bernard Levy inside a statement. EMI labels include Angel, Astralwerks, Blue Note, Capitol, Capitol Latin, Capitol Records Nashville, EMI Classics, EMI CMG, EMI Records, EMI Records Nashville, Manhattan, Parlophone, Virgin Classics and Virgin Records. Levy known as the cost "attractive," and stated Vivendi is "certain that we'll have the ability to create additional value for the investors because of our understanding of the profession and our proven history of effective integration." Lucian Grainge, chairman-Boss of Universal Group, stated the offer is "an historic acquisition for UMG as well as an important part of protecting the legacy of EMI Music. For me personally, being an Englishman, EMI was the prominent music company which i was raised with. Its artists as well as their music provided the soundtrack to my teenage life. Therefore, UMG is devoted to both protecting EMI's cultural heritage and artistic diversity, as well as trading in the artists the ones to develop the business's assets for future years.Inch EMI continues to be on the market since last summer time, but owner Citibank apparently yanked it once the bids all arrived lacking. Citibank vice chairman Stephen Volk, that has been becoming EMI's chairman, stated the transaction achieves "Citi's objective of making the most of the need for EMI." The closing remains susceptible to numerous conditions, including regulating approval within the nations and continents concerned. This deal includes just the recorded music part of EMI. Another, separate cope with an organization brought by The new sony is stated to become close to obtaining the background music posting business for $2.2 billion. Contact the range newsroom at news@variety.com