Andre Yoskowitz
6 Oct 2011 13:29
Sony has confirmed it has secured financing from Abu Dhabi to fund their bid for EMI, the fourth largest record label in the world.
Backed by the Abu Dhabi investment fund Mubadala, the company should be able to better compete against other serious bidders which include UMG and WMG, the largest labels in the world.
The current owner of the label is Citigroup, which was forced to take over the company after the old owners could not pay their debts.
Citi is looking for $3 billion for the label.
EMI has labels like Capitol and Virgin, and notable artists like Coldplay and the Beatles.