WaTunes: WMG Update: Bids Are In, Deal Expected Soon

May 5, 2011 at 12:50 am Leave a comment

Source: Hypebot

According to multiple sources final bids are in the hands of the Warner Music Group board for review and they hope to finalize a deal quickly. The  three bidders remaining are billionaire investor Len Blavatnik's Access Industries; a joint bid from Tom and Alec Gores' Platinum Equity and Gores Group; and a pair of separate bids from Sony Corp's recorded music arm and publishing units in partnership from investor Ron Perelman and Guggenheim Partners respectively, Reuters is reporting.

CEO Executive Edgar Bronfman Jr and his board are said to want to close the sale process without delay with one of the existing bidders because a sale to a rival music company or the sale of EMI could make a WMG sale more difficult to get by regulators.

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