Universal Music has triumphed in the auction of EMI’s recorded music division, home to the Beatles, Coldplay and Tinie Tempah, tabling a knockout offer of £1.2bn ($1.9bn).
The deal is about $500m more than that offered to owner Citigroup by rival Warner Music, which pulled out of the running a week ago, and marks the end of the road for the British company as a music major.
Friday’s sale is the first part of the break up of EMI, with the music publishing division tipped to go to a consortium led by Sony for about $2.2b — via redwolf.newsvine.com
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