EMI SALE TIMELINE
The EMI sale timeline
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TERRA FIRMA’S LAWSUIT AGAINST CITIGROUP
September 2010
• Terra Firma v Citigroup to go to court
• Terra Firma v Citigroup: It’s all in three phone calls
October 2010
• Talks continue, but Terra Firma v Citigroup court battle still likely
• Could an equity deal halt Terra Firma v Citigroup court clash? Probably not
• Terra Firma could push for seven billion if it wins Citi lawsuit
• Terra Firma v Citigroup: Will it go to trial? What does it mean for EMI?
• Terra Firma v Citigroup: Opening remarks
• Terra Firma v Citigroup: The Guy takes to the stand
• Terra Firma v Citigroup: Chocolate biscuit anyone?
• Terra Firma v Citigroup: It’s all in the scribbles
• Terra Firma v Citigroup: Why no phone call Guy?
• Terra Firma v Citigroup: Wormsley takes the stand
• Terra Firma v Citigroup: I have no independent recollection
• Terra Firma v Citigroup: Did I lie? No
• Terra Firma v Citigroup: Hands realised his EMI mistake quickly
November 2010
• Terra Firma v Citigroup: Forensic accounting denied
• Terra Firma v Citigroup: Another cut back on possible damages
• Terra Firma v Citigroup: Michael Moore fans not allowed
• Terra Firma v Citigroup: Summing up
• Terra Firma v Citigroup: Victory for the bankers, is this the end of EMI?
CITIGROUP SEIZES OWNERSHIP OF EMI
February 2011
• As Citigroup takes control, what next for EMI?
• Citigroup’s EMI grab possibly took Terra Firma by surprise
• Guy Hands reflects on EMI
September 2012
• Credit crunch caused EMI deal to go bad, says Terra Firma chief
October 2012
• Terra Firma wants a new trial in its EMI dispute with Citigroup
March 2013
• Hands chats about his EMI adventure
PRE-SALE RUMOURS AND SPECULATION
January 2011
• So, who is going to buy EMI?
February 2011
• Hands says he would re-bid for EMI if the price was right
March 2011
• Citigroup talking to EMI bidders
• Bertelsmann CFO confirms BMG’s acquisition intent
April 2011
• Citigroup says it will sell EMI to one buyer
May 2011
• BMG and Universal may co-bid for Warner and EMI
• Citigroup approaches Blavatnik about EMI?
June 2011
• Citigroup to step up EMI sale, BMG might like it if Warner was successful
THE SALE NEGOTIATIONS
June 2011
• For sale, Electric And Musical Industries
• Universal interested in bidding for EMI
• EMI buyer speculation
July 2011
• Citigroup to seek EMI bids by end of month
• Bertelsmann chief: We’ll likely bid for EMI, but probably won’t win
• Can Warner afford to buy EMI?
• BMG submits EMI bid, says Post
August 2011
• Could EMI go for £2.5 billion?
• More speculation over bidders for EMI
• CAA investor bidding for EMI
THE SALE NEGOTIATIONS: FINAL STAGES
September 2011
• Second round of bidding for EMI due next week
• Citigroup sets 5 Oct deadline for EMI sale
October 2011
• Five players expected to make final bid for EMI
• Does it matter that EMI will likely cease to be British?
• Sony gets partners for its EMI bids
• Citigroup committed to selling as new bidder enters race for EMI
• Insiders say EMI likely to be split as part of sale
• Warner and BMG back to being favourites in EMI bidding race
• Universal out of race to buy EMI
• Now Warner pulls out of EMI bidding
November 2011
• Universal and Warner may both be back in the running for EMI
• Citigroup now compromising to speed up EMI sale
UNIVERSAL WINS THE BIDDING FOR THE EMI RECORD COMPANIES
November 2011
• Vivendi confirms Universal purchase of EMI recordings
• EMI CEO Roger Faxon announces sale in letter to staff
• The end of an era – EMI assets sold to major label rivals
• Vivendi sells small stake in Activision – motivated by EMI deal?
SONY/ATV WINS THE BIDDING FOR EMI PUBLISHING COMPANY
November 2011
• Sony/ATV confirms acquisition of EMI Publishing
• The end of an era – EMI assets sold to major label rivals
December 2011
• The future of EMI Publishing: Sony chief chatters
WHAT WILL THE DEALS MEAN FOR EMI?
November 2011
• The EMI sale – some questions
• EMI chief briefs staff on takeover process
• Roger Faxon’s memo to staff about the EMI sale
January 2012
• Citigroup in talks with EMI pension fund
COMMENT ON THE SONY AND UNIVERSAL DEALS
November 2011
• The EMI sale in quotes
• BMG not too upset to lose out in EMI race
December 2011
• Warner boss has no regrets over EMI sale
INDIE SECTOR’S OPPOSITION TO THE SONY AND UNIVERSAL DEALS
November 2011
• IMPALA calls on EU to explore options for intervening on acquisition of EMI
• IMPALA responds to Universal’s EMI deal – confirms it will oppose it
January 2012
• AIM rallies members to oppose EMI sale
• IMPALA restates EMI sale opposition
February 2012
• IMPALA restates opposition to Universal’s EMI deal as major files papers
April 2012
• Beggars man expands on his opposition to Universal’s EMI deal
June 2012
• Mills reaffirms opposition to Universal’s EMI deal
• Uni/EMI under the spotlight on Capitol Hill
• Azoff hits back at Congressional Uni/EMI opponents
• Essential chief says he was misquoted at Congressional hearing on EMI
July 2012
• IMPALA co-president backs Universal’s EMI deals, subject to concessions
• Merlin will continue to oppose Universal/EMI merger
• More indies support Universal’s EMI deal, yet regulators still not convinced
• Panegyric’s Declan Colgan on Universal’s EMI bid
• Bella Union’s Simon Raymonde on Universal’s EMI bid
• AIM maintains opposition to Universal’s EMI bid
• US indies group calls for American remedies for Universal/EMI deal
August 2012
• Future Of Music Coalition reaffirms opposition to Universal’s EMI bid
September 2012
• IMPALA calls on EC one more time to block Universal/EMI
• Universal/EMI approved in Australia, indie community speaks out
WARNER’S OPPOSITION TO THE SONY AND UNIVERSAL DEALS
January 2012
• Will Warner oppose Universal’s EMI deal?
February 2012
• Warner will fight Universal’s EMI takeover, says outgoing Chairman
• Warner CEO confirms his company will oppose EMI sale
• Warner owner still hopes to buy EMI assets
June 2012
• Uni/EMI under the spotlight on Capitol Hill
• Azoff hits back at Congressional Uni/EMI opponents
THE REGULATORY PROCESS
February 2012
• Universal files its EMI bid with European regulators
• IMPALA restates opposition to Universal’s EMI deal as major files papers
• Sony/ATV files EMI Publishing bid with EC
• IMPALA reaffirms opposition to Sony/ATV’s EMI deal
March 2012
• US lobbying group publishes letter opposing EMI deals
• Universal’s EMI bid heading for phase two of EC investigation
• IMPALA welcomes rumoured EC concerns over Universal’s EMI deal
• EC outlines specific concerns
• Sony/ATV offer EMI concessions in Europe
• NZ competition regulators launch investigation
April 2012
• Sony proposes sale of Virgin publishing catalogues to sweeten EMI takeover
• Beggars man expands on his opposition to Universal’s EMI deal
• Two artist unions give conditional support to Universal’s EMI bid
• Global artist union opposed to Universal’s EMI deal
• EC sends out new questionnaire over Universal’s EMI bid
• Pressure groups want US senate to consider Universal’s EMI bid
May 2012
• Queen manager supports Universal’s EMI bid
• Universal’s EMI bid to be considered in US Senate
June 2012
• EC to provide Universal with statement of objections over EMI deal
• Universal’s EMI deal to get congressional hearing next week
• Universal receives Statement Of Objections over EMI bid from EC
• Mills reaffirms opposition to Universal’s EMI deal
• Uni/EMI under the spotlight on Capitol Hill
• Azoff hits back at Congressional Uni/EMI opponents
• Universal spin allegedly delays IFPI report
• Essential chief says he was misquoted at Congressional hearing on EMI
July 2012
• Universal boss reassures staff after parent company chief resigns
• Universal submits response to EC concerns over EMI deal
• Vivendi chairman steps in to help Universal’s EMI bid
November 2012
• Brazil competition regulator limits Universal and Sony’s EMI acquisitions
THE REGULATORY PROCESS: SONY/ATV DEAL APPROVED
April 2012
• EC to green light Sony’s EMI deal, as Marty moves to allay staff fears
• EC approves Sony/ATV’s EMI deal
June 2012
• EC publishes summary of its decision on Sony buying EMI Publishing
July 2012
• Sony consortium acquires EMI Publishing after getting FTC approval
THE REGULATORY PROCESS: UNIVERSAL OFFERS CONCESSIONS
July 2012
• Grainge has a new manifesto for music, just as long as he gets EMI
• IMPALA co-president backs Universal’s EMI deals, subject to concessions
• Universal continues to wrangle over what assets must go
• Merlin will continue to oppose Universal/EMI merger
• Asset sale proposals widen as Universal fights for EMI
• FAC says artists should get first dibs on any EMI assets up for sale
• Zelnik and Branson speak about their Virgin ambitions
• More indies support Universal’s EMI deal, yet regulators still not convinced
• Universal finalises its divestment plan to win EMI bid approval
• Panegyric’s Declan Colgan on Universal’s EMI bid
• Bella Union’s Simon Raymonde on Universal’s EMI bid
• AIM maintains opposition to Universal’s EMI bid
• Could Universal sell Parlophone to get EMI deal approval?
• Universal submits proposals for remedies to EMI bid to EU regulators
• Universal proposes radical divestments to smooth through EMI deal
• US indies group calls for American remedies for Universal/EMI deal
August 2012
• Future Of Music Coalition reaffirms opposition to Universal’s EMI bid
• EC sends detailed questionnaire to stakeholders
• EMI posts loss, draws Prof Green wrath
• Most stakeholders satisfied with Universal’s EMI concessions
• CMU Beef Of The Week #122: Professor Green v EMI
• Could Universal just sell off EMI in its entirety?
• More Universal/EC talks expected to try to reach a resolution on EMI
• Universal’s EMI takeover gets green light in Canada
• Now the House Of Reps is considering Universal’s EMI deal
• Crunch meeting due next week as Europe’s investigation reaches final stage
September 2012
• Universal gives Citigroup a billion in pending EMI takeover
• Regulators in Europe and US close to ruling on Universal/EMI
• IMPALA calls on EC one more time to block Universal/EMI
• Universal/EMI approved in Australia, indie community speaks out
• Universal’s EMI deal due to be approved in Europe on Friday
THE REGULATORY PROCESS: UNIVERSAL DEAL APPROVED
September 2012
• Universal’s EMI purchase gets European approval
• The European Commission’s statement on Universal’s EMI deal
• EMI CEO Roger Faxon’s email to staff
• US Bureau Of Competition statement on Universal/EMI approval
• Universal’s £1.2 billion EMI bid approved without remedy in the US
• Merlin expresses disappointment at Universal/EMI approval
• Universal’s EMI deal approved in Europe and US
• EMI deal divestments: What does it mean for Universal?
• EMI deal divestments: The bidding begins
• EMI deal: Independent responses
EMI MUSIC PUBLISHING POST-SONY/ATV ACQUISTION
April 2012
• Half of EMI Publishing’s staff could go if Sony/ATV deal goes through
• EC to green light Sony’s EMI deal, as Marty moves to allay staff fears
July 2012
• Sony consortium acquires EMI Publishing after getting FTC approval
• Sony/ATV restructures management team as EMI staff cull begins
August 2012
• EMI Publishing chief to head up combined Sony/EMI in UK
December 2012
• PRS director becomes Deputy MD for Sony/ATV UK
EMI MUSIC POST-UNIVERSAL ACQUISTION
October 2012
• Universal completes EMI acquisition, all eyes now on the Parlophone
• Universal CEO Lucian Grainge’s email to staff on EMI
• Universal chief addresses staff of expanded major
• Branson hopes Universal will “reinvigorate languished” Virgin Records
• Universal EMI lay-offs begin
• Structure of combined Universal/EMI Nashville confirmed
November 2012
• Universal plans to launch Capitol UK
• Universal appoints Sony man to run EMI USA
January 2013
• Universal combines Christian music publishing interests into one unit
• Universal rejigs Japanese management post-EMI acquisition
• Universal appoints Cockle to run Virgin Records UK
• Rejigs and redundancies as Universal/EMI consolidation continues
February 2013
• More appointments at Universal’s newly acquired EMI units
March 2013
• Could Universal put Capitol UK into Abbey Road Studios?
• Universal merges Virgin and Mercury, confirms Capitol UK launch
April 2013
• Capitol UK launches
REGULATOR AGREED ASSET SALES
September 2012
• Sony initiates sale of EMI catalogues agreed with regulator
October 2012
• Universal completes EMI acquisition, all eyes on Parlophone
• Simon Fuller considering bid for EMI assets
• Could BMG’s Parlophone bidding result in KKR rethinking its involvement?
• BMG denies KKR shareholding could be affected by EMI bidding
• First round bids in for EMI Publishing catalogues on the block
November 2012
• Fuller in discussions as Universal opens ‘data room’ for Parlophone sale
• Fuller among nine initial bid proposals for Parlophone
• More finance firms linked to Fuller’s Parlophone bid
• Four bidders remain in EMI Publishing catalogue sale
December 2012
• Fuller may bid for US independent Concord too
• Concord for sale, but unlikely to go to Fuller
• BMG buys Virgin and Famous UK publishing catalogues
• BMG acquires Mute catalogue
January 2013
• Sony and BMG to co-bid for Parlophone
• IMPALA raises concerns over Sony bid for EMI label assets
February 2013
• Parlophone Label Group sold to Warner Music for £487 million
• Martin Mills positive about sale of Parlophone to Warner
• Indie community welcomes Warner’s Parlophone acquisition
• Parlophone to become part of Warner after final big deal in EMI saga
• Sony bidding for EMI’s half of Now!
• BMG acquires Sanctuary catalogue
• Indies announce deal with Warner on back of its PLG acquisition
• Universal completes EMI divestments with Now! and Co-op deals
March 2013
• [PIAS]’s Co-op acquisition approved
April 2013
• Warner boss discusses Parlophone plans in memo
May 2013
• BMG’s Mute and Sanctuary acquisitions complete
• Warner’s purchase of Parlophone Label Group approved by EC
• BMG’s acquisition of EMI song catalogues approved
June 2013
• [PIAS] to market and distribute BMG’s Mute and Sanctuary catalogues
• Vidler to step down once Warner’s Parlophone acquisition complete
July 2013
• Warner’s acquisition of Parlophone complete
TERRA FIRMA’S LAWSUIT AGAINST CITIGROUP: THE APPEAL
January 2011
• Terra Firma confirm appeal in Citigroup litigation
September 2011
• Terra Firma seek information about Citigroup’s repossession of EMI
October 2011
• High court to consider Terra Firma’s EMI documents claim next month
January 2012
• Court blocks Terra Firma’s attempts to obtain documents
• Terra Firma v Citigroup appeal could get March hearing
October 2012
• Terra Firma wants a new trial in its EMI dispute with Citigroup
May 2013
• Appeals court orders Terra Firma v Citigroup retrial
July 2013
• Retrial over Terra Firma allegations gets provisional kick-off date
November 2013
• Citigroup seeking to block Terra Firma’s latest EMI lawsuit
March 2014
• Post-EMI battle between Terra Firma and Citigroup to be fought in London
October 2014
• Date set for Terra Firma and Citigroup’s EMI deal retrial
June 2016
• Terra Firma returns to court to accuse Citigroup over its EMI acquisition
• Citigroup says Hands’ recollection of his EMI purchase "all over the place"
• Terra Firma bails on its EMI dispute with Citigroup
WARNER’S SALE OF PARLOPHONE ASSETS TO THE INDIES
Feburary 2013
• Indies announces deal with Warner on back of its PLG acquisition
March 2014
• Warner Music ready to sell chunks of Parlophone to indie labels
April 2016
• Radiohead catalogue moves to XL
June 2016
• Blue Raincoat acquires Chrysalis Records
July 2016
• Chrysalis Records extends catalogue with more EMI divestments
April 2017
• Distributor Zebralution is Warner’s latest post-Parlophone divestment
Last updated: July 2016
