EMI, one of the remaining big heavies of major recording labels, has finally received the opportunity to sell the struggling label to someone else. With the way things are going for the big heavies these days, who can blame them?
It looks like everything is a go for the UK-based private equity group Terra Firma to take over. There was a lot of concern as Terra Firma had to align EMI shareholders into 90% approval. It looks like that happened late last week, and now Terra Firma can forcibly buy the remaining shares and buy EMI for a cool $2.4 billion.
This comes after Warner Music Group tried unsuccessfully to buy EMI earlier this year, a move which would reduced the world from 4 big heavies to three big heavies, further consolidating the majority of the world's copyrighted music into fewer hands. Now Terra Firma gets a run at reviving EMI.