Citigroup Acquires EMI

Citigroup Acquires EMI
Citigroup
has acquired 100 percent of EMI Music and has completed a recapitalization of the company, reducing EMI's debt 65 percent from $5.5 billion to $1.9 billion, and giving the company more than $485 million in available cash. "The recapitalization of EMI by Citi is an extremely positive step for the company," said EMI Chief Executive Roger Faxon. "It has given us one of the most robust balance sheets in the industry with a modest level of debt and substantial liquidity." EMI's current management team remains in place. (2/1)

Barry Diller Exits Live Nation
Following a September 2010 report on the departure of Live Nation Chairman Barry Diller, Diller has confirmed he resigned from the company's board of directors on Jan. 24, according to The Hollywood Reporter. While sources continue to point to a clash between Diller and Liberty Media head John Malone as the reason for his exit, Diller maintains that his tenure on the board was always planned to be temporary. (2/1)

Zac Brown, Miranda Lambert Lead ACM Awards Nods
Nominations for the 46th Annual Academy of Country Music Awards were announced today with current GRAMMY nominee Zac Brown in the lead with nine nominations, including five with the Zac Brown Band for Top Vocal Group of the Year, Album of the Year for You Get What You Give and Single Record of the Year for "As She's Walking Away," among others, and four for his production/songwriting work on the nominated album and song. Current GRAMMY nominee Miranda Lambert earned seven nominations, including Entertainer of the Year and Top Female Vocalist of the Year. Additional artists garnering multiple nods include Kenny Chesney, Brad Paisley, Taylor Swift, and Keith Urban. The awards will take place April 3 in Las Vegas. (2/1)

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