EMI, the record label that signed the Beatles, Pink Floyd and Coldplay, is likely to be broken up this week and sold to a Russian-born billionaire.
The sale will mark the end of an era for UK music. EMI is the last major domestic music label and its record of signing homegrown talent has made it the unofficial home of British pop.
EMI's other acts include Kylie Minogue, Kate Bush and Tinie Tempah. It is now owned by American bank Citigroup, which took control of the label when its private equity owner Terra Firma failed to repay the loans it took out to buy EMI in August 2007.
Citigroup has been in talks to sell EMI's recording arm and its music publishing division since last year, but at the end of the week Universal, one of the main potential buyers, pulled out of the bidding process, leaving the wealthy businessman Len Blavatnik in pole position to buy the bulk of the business....
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