New York Citi (NYSE:C) today announced the successful completion of the sale of EMI Music Publishing to an investor group comprised of Sony Corporation of America, the Estate of Michael Jackson, Mubadala Development Company PJSC, Jynwel Capital Limited, the Blackstone Group's GSO Capital Partners LP, and David Geffen. Citi received total consideration of $2.2 billion for EMI Music Publishing, a world-leading popular music publisher with a vast collection of musical compositions and a roster of highly talented songwriters. The business represents and administers one of the world's most comprehensive and diverse catalogs of more than 1.3 million music copyrights covering all genres, periods and territories of the world.
"We are proud to have been a steward of EMI Music Publishing and its great collection of assets. We are grateful to Roger Faxon, his management team and all of EMI's staff for the continued success of this business during Citi's ownership," said Stephen Volk, Chairman of the Board of EMI Group Global Limited and Vice Chairman of Citigroup.
As previously announced in November 2011, Citi entered into a definitive agreement with Vivendi and Universal Music Group for the purchase of EMI's recorded music division. This transaction is currently pending regulatory approvals.
Citi's Corporate and Investment Bank advised Citi and EMI Group on this transaction. Clifford Chance LLP, Shearman & Sterling LLP and Freshfields Bruckhaus Deringer LLP acted as legal advisors to Citi and EMI Group.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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