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With a whopping debt of £2 billion hanging over them, Terra Firma have been forced to hand over control of record label EMI to the company who has been loaning them much needed cash, Citigroup. After failing to meet interest payments on loans taken out with Citigroup to allow them to buy EMI in the first place back in 2007, Terra Firma were left with no other option but to pass the company over. During Terra Firma's reign some of the record company's best-known artists left the label including Radiohead, Joss Stone and The Rolling Stones.

Related Links

http://www.boston.com/business/articles/2011/02/02/citigroup_takes_over_emi_music_label/

http://www.telegraph.co.uk/finance/newsbysector/mediatechnologyandtelecoms/8296642/Citigroup-suffers-2bn-losses-after-taking-control-of-EMI.html

http://www.bbc.co.uk/news/business-12339299

http://www.billboard.biz/bbbiz/industry/record-labels/now-that-citigroup-has-taken-over-emi-what-1005017482.story

http://www.independent.co.uk/news/business/news/going-for-a-song-who-is-set-to-move-for-emi-2201389.html

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Tags

emi, citigroup, terra firma, record labels, major labels, record company, music business, music industry