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Vivendi and UMG to Buy EMI Music

Vivendi and its subsidiary, Universal Music Group, signed an agreement with Citigroup to purchase EMI’s recorded music division for $1.9 billion.EMI Group is a global music company. Its recorded music division, EMI Music, operates around the world a

EMI Group is a global music company. Its recorded music division, EMI Music, operates around the world and operates record labels including Angel, Astralwerks, Blue Note, Capitol, Capitol Latin, Capitol Records Nashville, EMI Classics, EMI CMG, EMI Records, EMI Records Nashville, Manhattan, Parlophone, Virgin Classics and Virgin Records.

"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 objective of maximizing the value of EMI, giving EMI Music a partner in Universal Music that appreciates EMI’s rich cultural legacy, its incredible stable of musical talent, and its employees who work so hard to deliver successful outcomes for the artists they represent," says Stephen Volk, chairman of the board of EMI Group and vice chairman of Citigroup.

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