EMI

EMI Group Limited (originally an initialism for Electric and Musical Industries, also referred to as EMI Records Ltd. or simply EMI) was a British Transnational conglomerate founded in March 1931 in London. At the time of its break-up in 2012, it was the fourth largest business group and record label conglomerate in the music industry, and was one of the big four record companies (now the big three); its labels included EMI Records, Parlophone, Virgin Records, and Capitol Records, which are now owned by other companies. The company was once a constituent of the FTSE 100 Index, but faced financial troubles and USD $4 billion in debt, leading to its acquisition by Citigroup in February 2011. Citigroup's ownership was temporary, as EMI announced in November 2011 that it would sell its music arm to Vivendi's Universal Music Group for $1.9 billion and its publishing business to a Sony/ATV consortium for around $2.2 billion. Other members of the Sony consortium include the Estate of Michael Jackson, The Blackstone Group, and the Abu Dhabi–owned Mubadala Development Company. EMI's locations in the United Kingdom, the United States, and Canada were all disassembled to repay debt, but the primary head office located outside those countries is still functional. It is currently owned by Sony/ATV Music Publishing, the music publishing division of Sony Music which bought another 70% stake in EMI Music Publishing.