And Then There Were Three: Universal Will Buy EMI

EMI, until now one of the four remaining major labels, is being broken up and sold off by the megabank Citigroup. After an auction that took almost nine months, French media company Vivendi, which owns Universal Music Group, will buy EMI's recorded music division for 1.2 billion pounds (about $1.9 billion) and Sony Corp. will pick up the publishing arm for $2.2 billion.

Until the sale, EMI was the oldest extant major, and the last to operate independent of a parent conglomerate. Founded in 1931, its recording catalog includes music by The Beatles, Pink Floyd and Frank Sinatra and its publishing portfolio is one of the most valuable in the world. Capitol, Virgin, Blue Note and Parlophone are a few of the labels under the EMI umbrella. EMI Classics has long been one of the cornerstones of the classical industry.