Citigroup takes ownership of EMI

EMI has been taken over by US bank Citigroup.

The bank had been the major record label's creditor as it racked up debts of £3.4 billion. Now, after taking ownership of the company, the bank has reduced the debt to £1.2 billion, reports BBC News.

Lily Allen, Pete Doherty, Katy Perry, Robbie Williams and Gorillaz are among the artists signed to EMI.

Citigroup plans to sell on the label, which will continue under its current management.

In 2007 EMI was taken over by the Terra Firma company, with Citigroup loaning the money to allow its chairman, Guy Hands, to spearhead the takeover.

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