Major Labels Line Up To Buy Univision Music
August 10, 2007 at 5:45 AM (PT)
The world's biggest music companies are lining up to acquire the music assets of UNIVISION COMMUNICATIONS, even as a growing payola controversy swirls around the Spanish-language media giant reports THE NEW YORK POST. UNIVERSAL MUSIC GROUP, WARNER MUSIC GROUP, SONY BMG and EMI lead a pack of strategic and private-equity buyers interested in UNIVISION's label and publishing operations,
Bids are expected to be in the range of $225 million to $325 million, sources familiar with the situation said. Initial bids are expected within two weeks.
UNIVISION MUSIC GROUP is being auctioned off in connection with the $12.3 billion acquisition of UNIVISION COMMUNICATIONS in MARCH by SABAN CAPITAL GROUP, THOMAS H. LEE PARTNERS, PROVIDENCE EQUITY PARTNERS, MADISON DEARBORN PARTNERS and TEXAS PACIFIC GROUP.
On TUESDAY, UNIVISION MUSIC was hit with a second lawsuit (NET NEWS 8/9) associated with a wrongful termination suit brought against the company in JUNE by DANIEL MIRELESS, a former employee of its label FONOVISA.