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 acquisition by Universal Music 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 referenced under Universal Music due to their acquisition with the exception of Parlophone, as it is now owned by Warner Music. EMI was listed on the London Stock Exchange, and was also once a constituent of the FTSE 100 Index, but faced financial problems and US$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. EMI Music Publishing is now owned by Sony/ATV Music Publishing, the music publishing division of Sony Music which bought another 70% stake in EMI Music Publishing. Electric and Musical Industries Ltd was formed in March 1931 by the merger of the Columbia Graphophone Company and the Gramophone Company, with its "His Master's Voice" record label, firms that have a history extending back to the origins of recorded sound. The new vertically integrated company produced sound recordings as well as recording and playback equipment. The company's gramophone manufacturing led to 40 years of success with larger-scale electronics and electrical engineering.