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This just in from EMI and iTunes...

Exclusive Beatles 'Yellow Submarine' Book Available Free On Apple's iBookstore Starting Today

Following the recent first anniversary of The Beatles catalog's worldwide digital exclusivity on the iTunes Store® (www.iTunes.com), an exclusive Beatles 'Yellow Submarine' book that lets readers tap their iPad, iPhone and iPod touch to immerse themselves in the legendary film's colorful sights and sounds is available for free download on Apple's iBookstore worldwide starting today. The iBookstore is available via the free iBooks App for iPad, iPhone and iPod touch, and at www.iTunes.com/iBookstore.

The iBookstore's exclusive 'Yellow Submarine' book takes the reader on a kaleidoscopic, music-filled journey with The Beatles to an underwater dreamland featuring animated illustrations and text from the 2004 book, 14 full-color video clips from the original 1968 film, audio clips of classic Beatles hits and Sir George Martin's original score, original dialogue from the film, "read aloud" functionality to follow along as actor Dean Lennox Kelly narrates, as well as interactive features that let you tap the story's wild array of butterflies, starfish and sea monsters to make them come alive. A video trailer for the book is available for free streaming starting today at www.iTunes.com/TheBeatles.

The vibrantly illustrated book was designed by Fiona Andreanelli using Heinz Edelmann's original artwork from the film, and its story has been adapted by Charlie Gardner from the film’s original screenplay, co-written by Lee Minoff, Al Brodax, Jack Mendelsohn and Eric Segal.  

Inspired by The Beatles’ song of the same name, ‘Yellow Submarine’ dives 80,000 leagues beneath the sea to Pepperland, a musical paradise where Sergeant Pepper’s band plays on until the music-hating Blue Meanies invade, sealing the band inside a music-proof bubble and leaving it a silent wasteland.  But Old Fred, captain of the Yellow Submarine, escapes to Liverpool and persuades Ringo - with a little help from his friends John, Paul and George - to join him on a magical adventure to return music and love to Pepperland.

Since first launching worldwide on November 16, 2010, The Beatles’ exclusive digital releases on iTunes now include the band’s 13 legendary remastered studio albums, a special digital edition of the GRAMMY®-winning ‘Beatles Stereo Box Set,’ the two-volume ‘Past Masters’ compilation, the classic ‘1962-1966’ (‘Red’) and ‘1967-1970’ (‘Blue’) collections, the GRAMMY-winning ‘LOVE’ album and ‘All Together Now,’ the feature-length documentary about the making of The Beatles LOVE by Cirque du Soleil®, the band’s remastered 'Anthology' music collections, and the record-breaking ‘1' hits collection.

The Beatles have now sold over ten million songs and over 1.8 million albums on the iTunes Store worldwide.

www.TheBeatles.com

Citibank Takes Control of EMI

This just in from the AP…

LOS ANGELES (AP) Citigroup Inc. has taken over debt-strapped EMI Group Ltd., closing a disastrous purchase of the music label by Guy Hands, founder of British private equity firm Terra Firma.

The foreclosure by Citigroup, EMI's main lender, brings the label of British acts such as The Beatles and Pink Floyd under American control until a new buyer can be found.

The takeover had been long expected, but came more than a month before Terra Firma Capital Partners Ltd. officially defaulted on roughly 3.4 billion pounds ($5.48 billion) of borrowings it took on to buy the label in 2007.

Citigroup's move eliminates some uncertainty over EMI's future, and restructures EMI by reducing its debt by 65 percent to 1.2 billion pounds. Citigroup booked a 2.2 billion pound loss, while Terra Firma saw its 1.75 billion pound investment evaporate.

The agreement leaves EMI, which also represents Lily Allen, Katy Perry, Coldplay and dozens of other acts, with more than 300 million pounds of available cash, enough to fund its operations, and a sustainable level of debt.

For now, it won't have to rush into the arms of a financial savior, although companies like Warner Music Group Corp. and private equity firm Kohlberg Kravis & Roberts have been jockeying to buy the company.

EMI now has "the ability to invest in and grow its business," said Stephen Volk, the Citigroup vice chairman who will become the chairman of EMI's holding company, Maltby Acquisitions Ltd., in a statement. "This is a positive development for EMI, its employees, artists, songwriters and suppliers."

EMI's chief executive, Roger Faxon, said in a statement that the restructuring "has given us one of the most robust balance sheets in the industry."

Uncertainty over its future was seen as a major distraction for EMI, which in recent years lost business from the Beatles' Paul McCartney and rock band Queen.

The move also came after a jury in New York found in November that the U.S. bank did not fool Hands into buying EMI at an inflated price. Hands had testified that Citigroup dealmaker David Wormsley had misled him about the number of suitors for the label, while Citigroup said the accusations were an attempt to gain leverage in restructuring talks. Hands appealed the verdict earlier this month

THE DAY ABBEY ROAD ALMOST WENT COLD TURKEY

"Cold Turkey" was written by John Lennon and recorded by The Plastic Ono Band. It was released as a single in October 1969, and was John Lennon's second solo single. It was the first song John Lennon wrote for which he took sole credit, his previous compositions having been attributed to the Lennon/McCartney partnership. The song features Eric Clapton on lead guitar, Klaus Voormann on bass and Ringo Starr on drums.

In 1968 Yoko had suffered a miscarriage, the pregnancy having lasted only five months. John and Yoko were told that Yoko's problems were due to an excess of hallucinogens and the two of them went cold turkey to kick the drug habit. John felt so much better afterward that he wanted to enlighten everyone, mostly about how hard it was to kick the habit, and wrote the song. He had hoped for "Cold Turkey" to be included on the Abbey Road album, but the other three Beatles were against the idea, so the Plastic Ono Band released it instead.

As a footnote, in 1969 Lennon returned his MBE (Most Excellent Order of the British Empire) to Buckingham Palace saying "I am returning this MBE in protest against Britain’s involvement in the Nigeria-Biafra thing, against our support of America in Vietnam, and against Cold Turkey slipping down the charts. With love, John Lennon of Bag."