Universal, Sony/ATV to buy EMI for $4.1 bn

EMI Group Ltd., home of The Beatles, Coldplay and Katy Perry, is being sold in two parts for $4.1 billion after Universal Music Group said it has agreed to buy the recording division of EMI for $1.9 billion.

Sony/ATV has reached a deal to buy the second part, the publishing division in charge of songwriting copyrights, for $2.2 billion, according to a person familiar with the matter.

The deal leaves Citigroup, EMI's owner, with liability for a pension plan worth about $600 million, a second person said. Both people were not authorised to speak publicly and spoke on condition of anonymity.

Citigroup had put the iconic British music company up for sale after foreclosing on private equity firm Terra Firma in February.   More Read