It was always going to be a question of when, rather than if, but major record label EMI have had to be taken over by US bank Citigroup in order for it to write-off some of their increasing debts.

In 2007, Guy Hands’ private company Terra Firma purchased EMI for what was thought at the time an ‘over-priced’ £4.2bn, but due to failure to keep up with the interest payments on the loans, Terra Firma have been forced to sell up shop. EMI, which is home to The Beatles, Coldplay, Gorillaz and loads of other global acts is expected to be sold by Citigroup at a future date, with Warner Music early favourites to take it over.

Since Terra Firma’s acquisition, The Rolling Stones, Joss Stone and Radiohead have left EMI, with Thom Yorke citing the new owners lack of understanding of the music industry for their reason for walking.

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