By Marcus Leach

EMI, the UK music firm, have sold their recorded music arm of the company to Universal Music for £1.2 billion.

And, if reports are to be believed, the other half of EMI's business - their music publishing unit - will go to a Sony-led consortium for more than $2 billion.

"I particularly welcome the fact that EMI will once again be owned by people who really do have music in their blood," said Rolling Stones singer Sir Mick Jagger.

Jagger was not the only one who welcomed the news, with the manager of Coldplay also welcomed Universal's takeover.

"They have assembled the most talented group of executives in the industry today and their success speaks for itself," Dave Holmes said.

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