Pursuit of Britain's EMI not out of the question, says Sony Music

Rolf-Schmidt-HoltzAccording to the media reports, Sony Music Chief Executive Officer Rolf Schmidt-Holtz said pursuit of Britain's EMI, the label owning the music of The Beatles, was not out of the question.

The New York Post reported on Monday that Schmidt-Holtz said, "We are in a position that allows us to seize every opportunity in the market, including EMI."

It was also noted by the report that EMI is owned by private equity firm Terra Firma Capital Partners, which borrowed $4.73 billion from Citigroup to purchase EMI in 2007.

The New York Times reported in December that Terra Firma filed suit against Citigroup in February, claiming it overpaid for the music publishing firm based on misleading statements made by Citigroup's lenders.

The Post also said that currently, however, Terra Firma must either convince its shareholders to sink another $155 million into EMI or Citigroup will repossess the label.

Terra Firma must also prove it has kept to the terms of its contract with Citigroup.

It was further reported that industry analysts have long figured EMI would next go to Warner Music. That may change with Sony now expressing interest. (With Inputs from Agencies)




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