In early 2008, the label was aggressively downsized and it remains to be seen what Citigroup plans to do with the iconic record label. They said this:
This is a positive development for EMI, its employees, artists, songwriters and suppliers. Our objective is to have EMI perform its absolute best for our shareholders over time. EMI is an iconic business and we are completely supportive of both its management and its strategy. It is business as usual for everyone at EMI,
The Wall Street Journal notes that there are many potential suitors for the major label, from other private equity firms to other labels.