"This is a historic acquisition for UMG and an important step in preserving the legacy of EMI Music," says Lucian Grainge, chairman and chief executive officer of Universal Music Group. "UMG is committed to both preserving EMI's cultural heritage and artistic diversity and also investing in its artists and people to grow the company's assets for the future. As a result, we will be better positioned to fully capitalize on the many new and exciting opportunities in the current marketplace, and also able to better serve our artists, songwriters and business partners, while offering fans even more choice.”
"We believe that this transaction accomplishes Citi's
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