Who Will Buy EMI from Citi?

EMI: Out of Guy's Hands. Where next?

The music has stopped playing for Guy Hands and EMI. For Terra Firma, the fat lady has sung. And EMI's stay with Citi may be nothing more than a coda.

Get used to hearing terrible puns like these — there will be a lot of talk about the fate of EMI in the coming weeks. On Monday, Citigroup took control of the debt-ridden record company from Guy Hands and his Terra Firma private equity fund, ending a brief and troubled relationship that began in 2007 when...