Zack O'Malley Greenburg's Blog, page 110

Citi Sells EMI Units To Universal, Sony

EMI: Going, going, gone.

And then there were three.

After nearly a year of swirling rumors and heated negotiations, Citigroup today announced the £1.2 billion ($1.9 billion) sale of EMI's recorded music division to Vivendi's Universal Music Group, the world's largest record company by market share. Citi is expected to sell EMI's publishing arm for $2.2 billion to an investment group led by Sony, the second-largest–cutting the record industry's Big Four down to three.

"It is the end of an era," s...

Watching Jay-Z And Kanye West's Throne At MSG

 

Jay-Z and Kanye West at Madison Square Garden, making an impromptu throne.

At first it seemed more like a movie premiere than a concert. Outside, black Escalades sat along the sidewalk like a string of bulky metallic rosary beads, punctuated by the occasional pearly Maybach or Rolls Royce. Inside, a red carpet led the likes of Leonardo DiCaprio and Diddy to their seats.

But when the lights went down at Madison Square Garden last night a little before 10pm, the glitz dimmed as well, and two...

International Investing: What Would Templeton Do?

Sir John Templeton: What would he do in today's market?

Sir John Templeton made a career out of advising investors to go against their instincts. He urged them to invest at "the point of maximum pessimism"—to put their money in places few would dare to go at times when others were most bearish.

One might say the strategy paid dividends for Templeton. He invested in burgeoning overseas economies long before it was fashionable, launching the first emerging markets fund available to U.S...

Michael Jackson Verdict: Conrad Murray Guilty Of Manslaughter

Image by Getty Images via @daylife

Michael Jackson's doctor, Conrad Murray, was found guilty of involuntary manslaughter today. The verdict was read shortly after 1pm Pacific time.

Throughout the six-week trial in Los Angeles, prosecutors portrayed Murray as a careless physician whose negligence caused Jackson to die while under the effects of the drug propofol. Murray is expected to face up to four years in prison and the loss of his medical license.

"Serving on a case of this sort has...

Michael Jackson Equals Lady Gaga And Justin Bieber Plus What?

A visualization of Michael Jackson's astounding postmortem earnings.

For the third year in a row, Michael Jackson leads FORBES' list of the top-earning dead celebrities, released last week. The King of Pop raked in a staggering $170 million over the past year, more than any living musical act besides U2.

So how many living stars does it take to equal a year of Jackson's postmortem production? My colleague Dorothy Pomerantz and I broke it down visually in the Focus section of the latest issue

Alicia Keys Is In A Western Union State Of Mind

Western Union: Wire transfer where dreams are made of?

Earlier this week, the students of New York's Professional Performing Arts School arrived in class to discover they'd be starting the day off with something rather unusual: a performance by Alicia Keys.

The surprise appearance at the fourteen-time Grammy-winning singer's alma mater was more than just happenstance, though. Keys was also there to help launch Western Union's "World of Betters" campaign, which will wire $1,000 to 100...

Rapper 2 Chainz And The Forbes Effect

It's that Forbes musik.

Back in 2007, Jay-Z, Diddy and 50 Cent gave us "I Get Money (The Forbes 1-2-3 Billion Dollar Remix)." The song, which is the only official collaboration between the three hip-hop heavyweights, was recorded in celebration of the triumvirate's position atop the inaugural Forbes Hip-Hop Cash Kings list.

The song ushered in a wave of lyrical mentions. In 2009, Akon added "Forbes Cash King." The following year, Bruno Mars and Travie McCoy released "Billionaire," with its...

The Top-Earning Dead Musicians

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Click for full photo gallery: The Five Top-Earning Dead Musicians

Last week, FORBES launched its annual Halloween-spooky special package on the top-earning dead celebrities. Atop the list was Michael Jackson, who earned $170 million last year–more than any other departed star, and more than any living musical act besides U2.

The late King of Pop wasn't the only musician on the list. Among the top 13 postmortem money-makers, five were musicians. All of them saw strong earnings from a c...

Citi's EMI Sale To Blavatnik On Hold?

Len Blavatnik: Walking away from EMI?

It seems the music has stopped for EMI and Len Blavatnik–at least for now.

Earlier today, the Financial Times reported that the Soviet-born billionaire had walked away from the auction for the troubled record label. As recently as Friday, it seemed that his Access Industries, which purchased Warner Music Group earlier this year, was on the verge of buying the company's recorded music division from Citi Group for about $1.5 billion.

Blavatnik's bid appeared t...

Citi Nears Sale Of EMI

EMI: Going, going...

Citigroup is on the verge of selling EMI, the British record company that's home to The Beatles, Coldplay, Katy Perry and others.

After months of speculation, reports indicate that billionaire Len Blavatnik's Access Industries is poised to purchase the label's recorded music division for $1.5 billion and combine it with Warner Music Group, purchased earlier this year for $3.3 billion. Reached via telephone this afternoon, a Warner representative declined to comment.

EMI...