The Universal Music Group has reportedly filed for bankruptcy protection.
According to The Wall Street Journal, the group’s assets are valued at $5.5 billion, and it owes creditors $4.9 billion.
The group was founded in 1977, and is a subsidiary of American Records Inc., which has a stake in Universal Music.
The Journal says the group is looking to sell its assets, including the Universal Music label, but the process is expected to take several months.
As for its music, the Journal says Universal Music has a roster of 40 artists, including such hits as Beyoncé, Adele, The Chainsmokers, and Lady Gaga.
According to the paper, the company is also a major music publishing company.