Troubled British record company EMI is undergoing a £1.2 billion takeover by Universal Music Group, and the European Commission ruled today (24.09.12) it can go ahead on condition it sells off most of its smaller record labels.
One act EMI will be keep are The Beatles, a hugely lucrative band, who still sell millions of albums even though they split in 1970.
Universal's chief executive Lucian Grainge told the Financial Times: ''If you're asking, 'Would I do it again, was it worth it?' 100 per cent we would do it all over again. It is a historic moment.''
Alongside the musical assets the deal will also include EMI's properties, including the iconic Abbey Road Studios and the Capitol Tower in Los Angeles.
While Universal will take over EMI's recorded music division, its music publishing arm has already been sold to rival Sony, for £1.4 billion.
EMI artists who face their contracts being sold will be looked after by a Hold Separate Manager, an executive who will guide their careers until their future is decided.