World famous British music business EMI has agreed to a takeover by the private equity firm Terra Firma for £3.2bn including debt. Terra Firma is run by Guy Hands, who is one of the UK’s most successful businessmen in the world of finance.
The EMI Group, whose artists include many top stars such as Robbie Williams and the Beatles, and which is one of the world’s leading big four music firms, has been the subject of much speculation over its future for the last year, due to falling sales. EMI rejected a bid from its American rival Warner Music.
EMI has admitted that it had made a £260m loss over the period of the past year. 
