It’s been said before, but we’ll say it again...the internet has had a clear and catastrophic affect on record labels. The major player and the most publisced of the UK casualties has been EMI – home of The Beatles, Coldplay and Pink Floyd.

At the start of the year EMI was in such financial woes that US bank Citigroup had took over the label dues to it’s debts of £3.4 billion, but now it to looks like the bank are about to out it up for sale. Confirming the news to Sky News, Citigroup said they have ‘initiated a process to explore and evaluate potential strategic alternatives, including a possible sale, recapitalisation or initial public offering for the company.’

Yours for £3.4 billion!

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