WaTunes: WMG Pushing For Sale To Beat EMI

February 12, 2011 at 4:39 am Leave a comment

Source: Hypebot

In what feels like a race to the bottom of the hill, the world's #3 music group, Warners, is pushing hard to be sold before #4 EMI is also on the  market to potential buyers. At the same time that Citigroup is busy pouring of EMI's books to ready it for a sale. "The challenge is they are both heading towards a situation where they're going to compete for buyers," said one music industry exec.

20 parties have expressed interest in WMG, according to the NY Post.

Most often named as potential bidders for all or part of either music group include: BMG, Zomba founder Clive Calder, Russian investor Leonard Blavatnik, Universal Music; Sony Music, equity firms KKR, Apollo and Providence and Netherlands-based music publisher Imagem.

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