EMI and Sony get Universal

Universal Music Group and Sony Corp. have reached agreements with Citigroup Inc. to buy EMI Group’s music business for a combined $4.1 billion, an 8% premium over Citigroup’s initial minimum asking price.

The dual transaction would split London-based EMI in two, with the company’s recorded music going to Universal for approximately $1.9 billion and the publishing division sold to Sony for $2.2 billion.

Among EMI’s roster of artists are Coldplay, Katy Perry and Pink Floyd.

In addition, its publishing catalog contains 1.4 million songs, including “New York New York,” “The James Bond Theme,” “We Are the Champions,” “Wild Thing,” and “Have Yourself a Merry Little Christmas.”

The deals are subject to approvals by antitrust regulators in both the U.S. and Europe.

For Universal, the purchase keeps EMI out of the hands of Warner Music Group, which would have gained enough market share to closely rival Universal and Sony.