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Universal Music Group Set To Buy EMI

Universal Music Group To Buy EMI

Universal Music Group To Buy EMI

Allaccess.com is reporting Universal Music Group’s official Agreement to purchase EMI recorded division. See below!

It’s official! VIVENDI’s UNIVERSAL MUSIC GROUP (UMG), announced TODAY (11/11) that they have signed with CITIGROUP INC. a definitive agreement to purchase EMI’s recorded music division for a total consideration of £1.2 billion (approximately $1.9 billion) representing 7 x EBITDA prior to synergies.

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Story Updated from 11/15/11