Sony Music expresses interest in EMI

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NEW YORK, May 10 (UPI) -- Sony Music Chief Executive Officer Rolf Schmidt-Holtz said pursuit of Britain's EMI, the label owning the music of The Beatles, was not out of the question.

"We are in a position that allows us to seize every opportunity in the market, including EMI," Schmidt-Holtz said, the New York Post reported Monday.

EMI is owned by private equity firm Terra Firma Capital Partners, which borrowed $4.73 billion from Citigroup to purchase EMI in 2007.

Terra Firma filed suit against Citigroup in February, claiming it overpaid for the music publishing firm based on misleading statements made by Citigroup's lenders, The New York Times reported in December.

Currently, however, Terra Firma must either convince its shareholders to sink another $155 million into EMI or Citigroup will repossess the label, the Post said.

Terra Firma must also prove it has kept to the terms of its contract with Citigroup.

Industry analysts have long figured EMI would next go to Warner Music. That may change with Sony now expressing interest.