AM NEWS: Citi Calms EMI Bidders, Facebook’s Big $’s, Lil Wayne Sets Records, Turntable.fm App, More

In the wake of new legal action by Terra Firma and Guy Hands, Citigroup will indemnify bidders for EMI from any future damage claims, according to the Financial Times. Without indemnification EMI's sale price of $3-4 billion would drop dramatically.  Second round bids are due this week.

• Facebook's revenue doubled to $1.6 billion in 2011's first half. Net income was $500 million. Today the company added former Clinton Chief of Staff Erskine Bowles to its board of directors. (Reuters) How different a profit picture than so many internet companies.
• Lil Wayne boosts digital album sales beyond singles in the US. (Music Ally)

MORE:

• Facebook music: Can free ice cream fail? (Mashable's Peter Cashman on CNN.com)
• Turntable.fm Is About To Rock An iPhone App. (Techcrunch)
• Dave McLauchlan, senior business development manager for Zune, is leaving Microsoft to try his hand at his own startup called Buddy. (TNW)
• IODA expands its European roster with catalog labels Repertoire and MAT.
• Pandora has added 12 pre-programmed work-out channels. A simple but potentially populer use of their platform.
• The Record Exchange: St. Louis’ – and possibly the world’s – largest collection of vinyl records. (Student Life)