The New York Times reported that Vivendi, a French media and telecommunications company, is set to acquire the recorded music division of EMI for about $1.9 million. Artists that are currently under the EMI name include huge acts like the Beatles, Pink Floyd, Queen, Beastie Boys and Coldplay. This puts EMI under the same company as Universal Music Group, which the New York Times points out is already the world’s largest music company.
Vivendi will acquire the music division from Citigroup, which acquired EMI after the label’s former firm didn’t pay back loans to the bank. Vivendi plans on selling about $660 million worth of non-core Universal Music assets in the deal.
“We are very proud to welcome EMI into the Vivendi family,” said Jean-Bernard Lévy, the chief executive of Vivendi. “We all respect the labels within EMI as well as the artists and employees who contribute to its success. They will find within our group a safe, long-term home, headquartered in Europe.”
This deal doesn’t include the publishing side of EMI, which is set to be sold to Sony Corp.’s music division for $2.2 billion, the Wall Street Journal reported.