WaTunes: WMG Pushing For Sale To Beat EMI
February 12, 2011 at 4:39 am
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.
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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