Sony secures financing from Abu Dhabi to fund their bid for EMI

Sony has confirmed it has secured financing from Abu Dhabi to fund their bid for EMI, the fourth largest record label in the world.

Backed by the Abu Dhabi investment fund Mubadala, the company should be able to better compete against other serious bidders which include UMG and WMG, the largest labels in the world.

The current owner of the label is Citigroup, which was forced to take over the company after the old owners could not pay their debts.

Citi is looking for $3 billion for the label.

EMI has labels like Capitol and Virgin, and notable artists like Coldplay and the Beatles.

Written by: Andre Yoskowitz @ 6 Oct 2011 13:29

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6.10.2011 13:33 #1

LordRuss

Sony is going to step in a pile they are never going to be able to swim out of. You talk about talk about falling on their sword in the past!?! Just remember who wrote this... A Japanese entertainment money superpower is getting into bed with Arab culture/tribal money, and "think" their still going to get to call all the shots?

Good luck with that...

http://onlyinrussellsworld.blogspot.com

6.10.2011 17:38 #2

KillerBug

Sony and EMI sound like a match made in heaven...add some oil tycoons into the mix and maybe a few US banks and you would actually be able to see the evil!

7.10.2011 01:32 #3

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