Russian billionaire to combine EMI and Warner

British record company EMI, owned by American Financial Corporation, Citigroup, Leonard Blavatnik, who are willing to pay for their $ 1500000000 sold, writes The Guardian. Record company EMI, which was signed at the time of Beatles, Pink Floyd and Coldplay, is likely to be sold this week gave birth to Russian billionaire Blavatnik. The sale will be the end of an era for British music. EMI is the last major national record label, formerly known as known as the home of British pop music. EMI, whose artists Kylie Minogue, Kate Bush, Tinie Tempah, the now of U.S. banking group Citigroup, which took control of the label, owned when its owner Terra Firma could repay the loan in August 2007. Citigroup in talks to a record company EMI and its publishing division since last year, but at the end of the week Universal, one of the most important potential buyers from the auction, which was a rich businessman Leonard Blavatnik transactions to a great contender for the most EMI buy and sell. Blavatnik Leonard Blavatnik is the founder and owner of Access Industries (New York), the rival Warner Music EMI bought for £ 2 billion in May this year. He is expected to pay about $ 1.5 billion in the EMI recording industry, according to industry sources. This does not include the value of the rights to a catalog of more than one million songs from artists like Kanye West, Arctic Monkeys and Jay-Z, which will probably be sold to the German media group Bertelsmann and U.S. private equity firm KKR. The deal creates the third largest global music label in a position to compete with Universal and Sony, have emerged as the dominant force in the music world after a series of transactions in the sector in the last ten years. Probably is the deal. The end of the EMI brand in America, where its activity is expected to be set, although the name of the EMI will be saved for the European market The final details of the sale are still unknown, but sources say the music industry that an official confirmation is expected to come at the end of the week. Senior figures in British show business already bemoan the fact that the national leaders of the music industry falls into the wrong hands. Jazz Summers, a veteran of rock music, which was the manager of the British indie band The Verve, said: "Of course, I'll be sad about the end of such a powerful record company, see [after the sale], but there is also a lot people throw on the street. " The new owner is expected to combine EMI and Warner, after the transaction is completed, and hundreds of jobs are cut. The digital revolution and the advent of iTunes and the iPod changed the economics of the music industry and forced major labels looking for merger costs optimization. Terra Firma, which was founded by millionaire Guy Hands began spending cuts by EMI acquired four years ago in an attempt to reduce the debt of around £ 2 billionth Guy Hands has 100 million pounds per year, the price of items, including "fruit and flowers" (many believe it is a euphemism for drugs) reduced. 2,000 jobs were cut in the first year. This process is likely to be continued by the new owners of EMI, layoffs expected about 10% of the employees, about 3,500 people. In Russia, a representative of the EMI is a company Gala Records.