terra firma

Citigroup has foreclosed on U.K.-based record label EMI Group, taking it back from private-equity firm Terra Firma, which bought EMI from Citigroup for a whopping $4.7 billion in 2007.

EMI, the legendary recording industry titan, is facing possible bankruptcy. The storied label responsible for releasing albums by the likes of the Beatles, Pink Floyd and Coldplay is in danger of defaulting on its debt and being taken over by Citigroup, its largest creditor.

Abbey Road Studios in London, possibly the most famous music studio in the world and the place where the Beatles recorded most of their music, may be up for sale by financially strained British label EMI.

iTunes, schmiTunes. Looks like the Fab Four doesn't need Steve Jobs's fancypants online record store after all. Beatles label EMI said Tuesday that consumers in North America, Japan, and the U.K. bought more than 2.25 million compact-disc copies of the Beatles' remastered albums in the five days...