Citigroup Takes Over EMI, Plans To Sell Record Label

US bank Citigroup has taken over ownership of EMI and plans to sell the record label, it's been announced.

Citi, a major creditor at the major record label, has secured a deal which will see EMI's debt reduced from £3.4bn to £1.2bn, or 65%.

In 2007, Citigroup provided the main investment for private equity company Terra Firma's acquisition of EMI.

In November last year, a US jury ruled that Citigroup had not tricked the firm into paying an inflated price for EMI, despite claims by owner Guy Hands.

EMI has vowed to continue under the same management, reports BBC News.

Citigroup have said it plans to eventually sell EMI, which is home to artists including Coldplay.