sold

EMI Music Group Split For Sale

It appears that Citigroup have decided to sell individual portions of EMI Music Group according to two press releases issued yesterday.

The labels within the group will be sold to Vivendi and Universal Music Group for £1.2 Billion whilst the publishing assets of the group will be sold to an investor group that includes Sony Corporation of America, David Geffen and the estate of Micheal Jackson for $2.2 Billion (source : Citigroup press releases 111111a / 111111b).

These sales are of course subject to regulation and independent label association IMPALA expects that the sale of EMI Recordings to Universal Music Group will be “blocked outright” according to their latest press release.

Canadian e-Book Company Sold

The Canadian makers of the Kobo wireless eReader have been sold to Japanese company Rakuten for $315-Million according to Business Wire.

The company’s headquarters will remain in Toronto according to the press release.

HMV Canada Sold To Hilko UK

HMV Canada has been sold to British restructuring company Hilko UK.

HMV Canada is expected to expand their online presence with streaming content according to today’s press release, whilst retaining their CD and DVD stores.

“The management team of HMV Canada has built a plan that will extend the period over which the residual hard-copy music and film market can be maintained. The new product categories it is introducing to the business will help sustain sales levels during the transition of entertainment sales into the digital realm.” – Paul McGowan, Hilco UK Chief Executive

HMV Canada is expected to recieve $25 million from Hilco UK to continue their transition plan and additional details will be made available shortly.