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EMI Publishing Sold To Sony

One of the world's most famous record labels is about to disappear

Citigroup confirmed on Friday that it had completed the sale of EMI's publishing arm to a group of investors, led by Sony Corporation Of America, for a sum of $2.2bn.

Financials News reports that EMI Music Publishing represents and manages 1.3m music copyrights covering all genres, periods and global territories.

The European Commission (EC) cleared the transaction in April 2012, subject to the buyers selling the worldwide publishing rights to four catalogues and the musical works of 12 contemporary authors to allay competition concerns.

EMI's recorded music division is looking set to be sold to Universal Music Group, the world's biggest record label, as soon as European and North American regulators give the deal their approval. That would mean that Universal would own the catalogues of bands such as The Beatles and Pink Floyd.

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