Tuesday, February 1, 2011

EMI goes to the bank

EMI, the venerable British recording company that has been the label of classical greats from Fritz Kreisler and Pablo Casals to Itzhak Perlman and Simon Rattle, has been taken over by Citigroup after its previous owner, the venture capital firm Terra Firma, failed to meet debt obligations to the bank.

Roger Faxon, the current head of EMI, says it will be "business as usual" under the new owner, The Guardian's Mark Sweney reports: