Published Jun 20, 2011In a completely unsurprising turn of events, EMI Group has officially been put up for sale.
Anyone following the troubled company over the past few years knows that it's been struggling for quite some time. Following a three-and-a-half-year ownership from Terra Firma that had owner Guy Hands seeking $170 million to keep the label afloat, Citigroup seized 100 percent control of the company in February. According to reports, it looks as if Citigroup is now willing to relinquish ownership.
EMI announced today (June 20) that its board of directors has "initiated a process to explore and evaluate potential strategic alternatives, including a possible sale, recapitalization or initial public offering."
While the company is hoping that putting itself on the public market will help its financial woes, this does not mean a deal is currently in the works. "There can be no assurance that this strategic review process will result in a transaction," the company said.
However, observers believe that Warner Music Group, which was sold to Access Industries this past May for $3.3 billion, may be interested in acquiring EMI.