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Universal buying EMI Music for $1.9 billion, says WSJ

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Citigroup sells EMI Music to Universal for $1.9 billion and EMI Music Publishing to Sony for 2.2 billion.

EMI Music
EMI Music

The Big 4 record companies just shrunk to the Big 3 according to the Wall Street Journal's sources. Citigroup is said to have agreed to sell EMI Music to Universal for $1.9 billion while Sony is picking up EMI Music Publishing for $2.2 billion. All that's left now is for the three companies to make it official sometime later today or over the weekend.