EMI Music On Verge of Being Sold To Universal for £1.2 Billion
Friday, 11 November 2011
Written by Elliott Batte
Universal Music Group, the American music and entertainment giants, are poised to buy one of the other biggest names in the music industry – EMI Music
EMI Music has apparently been sought after for many months, with rumours and speculation flying around all over about who’ll stump up the cash to purchase the huge company, and now it seems like UMG will be big spenders who take over.
The news surfaced after a media team for the Guardian newspaper tweeted the message: “Universal Music poised to announce £1.2bn takeover of EMI Music. More details soon ...” The group have apparently already had a $1.1billion (£691million) rejected so have raised their asking price to $1.9billion (£1.2billion). This comes after Warner Bros Records pulled out of a move after they refused to bid more than $1.5billion.
Though the buy-out looks like it could be reaching a climax, the Independent Music Companies Association (IMPALA) have apparently put out warning to companies interested in buying EMI Music that they may attempt to block any major labels from purchasing it as they look to support independent music companies.
Stereoboard will update you on the future of EMI as more news surfaces.
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