EMI Record Label Group Now Taken Over By Citi Group

posted February 01, 2011 01:47:00 PM CST | 8 comments

EMI Record Label Group Now Taken Over By Citi Group

A label conglomerate purchase that could potentially affect artists like Snoop Dogg, Raekwon and Twista has taken place.

The famed EMI Music Group, which includes labels such as Virgin, Capitol, Priority, Blue Note and others, has been acquired by banking giant Citigroup. According to Billboard.com, the deal took place as a debt-for-equity agreement, reducing the struggling music conglomerate's debt by a reported 65%.

While EMI most notably includes The Beatles and John Lennon's music catalogs, the group also has active ties to Hip Hop artists such as Raekwon, Twista, The Beastie Boys and Snoop Dogg.

At present, EMI Group's CEO Rodger Paxon is reported to stay in office, according to the purchase agreement. HipHopDX will keep you updated.

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