The sale was finally agreed at a price of $1.9 Billion, a whopping $500 Million more than "Warner Music" were prepared to pay only a short while ago.
This means that Universal is now the Official new owners of EMI Music, and this sale marks the start of the break up of EMI, it's expected that the music publishing part of EMI will be sold for $2.2 Billion to a consortium led by Sony.
Universal have stated that they expect to easily achieve £100 Million a year from a combination of Universal Music and EMI and they aim to also sell off some of EMI's "non-core" assets for around $500 Million.
Dave Holmes, the manager of EMI's phenomenally successful act "Coldplay" said "I look forward to working with the Universal team. They have assembled the most talented group of executives in the industry today and their success speaks for itself. This can only be a positive for the artists and executives at EMI".
The World Famous "Abbey Road Studios", which is owned by EMI will not be sold off and will remain as it is, Universal's Chief Executive Lucian Grainge said "Abbey Road Studios are a symbol of EMI, a symbol of British culture, a symbol for the creative community of exactly what the company is and we are now part of".
