Report: Warner Music Group Has Ten Buyout Offers
March 1, 2011 at 4:02 AM (PT)
WARNER MUSIC GROUP has reportedly received more than 10 bids for its businesses, people with knowledge of the process told BLOOMBERG NEWS. "SONY/ATV MUSIC PUBLISHING LLC, a joint venture between SONY CORP. and the estate of MICHAEL JACKSON, and KKR & CO.’s BMG RIGHTS MANAGEMENT, bid for the company's WARNER/CHAPPELL PUBLISHING business, the people said. Billionaire LEN BLAVATNIK, a former director of WARNER MUSIC, is seeking most of the company, they said."
WARNER MUSIC GROUP was assumed to be looking to spin off its WARNER CHAPPELL PUBLISHING arm to raise funds to pay down debt, and perhaps make a bid for EMI MUSIC, when they annnounced they had hired investment bank GOLDMAN SACHS in JANUARY (NET NEWS 1/21) to seek out potential buyers for the company.
The most recent report claims UNIVERSAL MUSIC GROUP stayed out of the bidding due to anti-trust concerns.