Citigroup will sell the record music and music publishing divisions of EMI Group to Universal Music Group and a consortium led by Sony respectively in two deals valued at $4.1 billion.
In the larger of the two deals, EMI Music Publishing will be acquired by a group that includes Sony, the estate of Michael Jackson, Mubadala Development Company, Jynwel Capital Limited, GSO Capital Partners and music executive David Geffen for $2.2 billion. The unit, which represents lyricists including Beyonce, Alicia Keys and Norah Jones, boasts a catalogue of 1.3 million music copyrights including hits such as “My Girl,” “Bohemian Rhapsody” and “New York, New York.”
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