US Bank Citigroup has acquired EMI, and they've already reduced massive company debts by 65%…but is it because they care, or are they prepping themselves to sell off the company?
Here's what EMI CEO Roger Faxon had to say about it:
"[It's an] extremely positive step for the company. It has given us one of the most robust balance sheets in the industry with a modest level of debt and substantial liquidity. With that solid footing, we are confident in our ability to drive our business forward."
But will a sell off take place? Looks like BMG and Warner are innerested, so it def could happen.
Here's what a Citigroup insider had to say about the situation:
"[Citi] has already been in talks with all the relevant majors about selling off the various parts of the company.”
More from the EMI CEO:
“We have already made great progress in meeting the challenges facing our industry. The closer alliance between our two operating divisions is already delivering impressive results on behalf of the creative talent we are privileged to represent. We have a clear vision for the future, a strong and committed management team, and now the right capital and financial structure in place to deliver successful outcomes for artists and songwriters.”
Hmm…we're hearing some conflicting things here. Guess we'll see if Citigroup keeps EMI around, or if they do in fact sell 'em off.