Dusty Ayres
Commodore
The EMI label who last month was cutting deals with Apple that saw the Beatles music available on iTunes is set to be owned by a US bank after their holding Company found themselves unable to pay out billions in debt.
Private equity firm Terra Firma is set to cede control of EMI to Citigroup -- the bank that loaned it billions to help buy the label which despite record iTunes demand for Beatles content has been unable to generate enough cash to bail them out of trouble.
The private equity firm is now reportedly telling its backers it may have to give up EMI, should the backers opt not to provide additional financing to help pay back Citigroup's loans.
The Beatles and Apple fail to save EMI
Looks like we'll be seeing the end of EMI, or maybe the aforementioned possible merger with Warner Music Group. Any thoughts?