Report: Chrysalis For Sale
December 7, 2007 at 9:28 AM (PT)
CHRYSALIS GROUP, a British independent music company long coveted by a number of the major labels, including WARNER MUSIC GROUP, has officially put itself up for sale with the hopes of raising as much as $300 million, sources familiar with the situation have told THE NEW YORK POST.
CHRYSALIS acknowledged in a statement to the LONDON STOCK EXCHANGE that it is talking to a number of parties about a possible deal. Any sale is expected to comprise the entire company -- not only its music-publishing business, sources said.
The company -- headed by Chairman CHRIS WRIGHT who owns a 26% stake in CHRYSALIS -- is hoping to see initial bids start coming in later this month, according to one insider. Music-industry watchers say that WARNER MUSIC GROUP is keenly interested in the business. It is also expected to draw strong looks from SONY CORP.'s publishing business SONY ATV.
Among private-equity players, CHARLES KOPPLEMAN'S CAK, PEER MUSIC, SABAN CAPITAL GROUP, CHERRY LANE, EVERGREEN, PALAMONE CAPITAL PARTNERS, NIKKO PRINCIPAL INVESTMENTS, CROSBY CAPITAL, APOLLO and PRIMARY WAVE are all expected to at least kick the tires on the company.