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Citi completes sale of EMI Music Publishing

Citi has completed the sale of EMI Music Publishing to an investor group comprised of Sony, the Estate of Michael Jackson, Mubadala Development, Jynwel Capital, the Blackstone Group’s GSO Capital Partners, and David Geffen.

Citi received total consideration of USD2.2bn for EMI Music Publishing, a popular music publisher. The business represents and administers catalogues of over 1.3 million music copyrights covering all genres, periods and territories of the world.

“We are proud to have been a steward of EMI Music Publishing and its great collection of assets. We are grateful to Roger Faxon, his management team and all of EMI’s staff for the continued success of this business during Citi’s ownership” says Stephen Volk, chairman of the board of EMI Group Global and vice chairman of Citigroup.

In November 2011, Citi entered into a definitive agreement with Vivendi and Universal Music Group for the purchase of EMI’s recorded music division. This transaction is currently pending regulatory approvals.

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