Citi has taken over EMI Group. EMI, which had been owned by a private equity firm, was formed in 1931 and boasts a catalogue which includes Radiohead, The Decemberists, 30 Seconds to Mars, Beastie Boys, Stiff Little Fingers, The Beatles, The Stooges, Jimmy Eat World and countless more. The private equity firm had borrowed extensively from Citigroup to make the purchase, but had run into problems paying back the debt which led to Citi converting that debt into equity shares in the company.

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.