Citigroup Takes Over EMI

Citigroup Inc. has taken over debt-strapped EMI Group Ltd., closing a disastrous purchase of the music label by Guy Hands, founder of British private equity firm Terra Firma.

The foreclosure by Citigroup, EMI's main lender, brings [EMI Classics and] acts such as The Beatles and Pink Floyd under American control until a new buyer can be found.  Read more here.