Report: Viacom "Serious" Contender In BMG Music Publishing Auction Scrum
July 14, 2006 at 3:56 PM (PT)
The bidding for BMG MUSIC PUBLISHING continues to heat up, as the NEW YORK POST reports that VIACOM has emerged as a "serious and surprising contender." The POST goes to to say that UNIVERSAL MUSIC GROUP (UMG) is so high on BMG publishing arm that it is "willing to write a $2 billion check," this despite the fact that the entity has an expected valuation of $1.5 billion.
Additionally, Both EMI and WMG are expected to enter the fray now that their merger is on the rocks in the wake of the EU court decision in the SONY BMG case (see NET NEWS 7/14).
Sources told the POST that BMG and auction managers CITIGROUP and J.P. MORGAN hope to narrow down the 15 invitation-only initial bids received to about 6, and then kicking off a final round by the end of next week.
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