Report: It's Down To Five To Buy Warner Music
March 8, 2011 at 4:12 AM (PT)
On TUESDAY (NET NEWS 3/1), ALL ACCESS reported WARNER MUSIC GROUP had reportedly received more than 10 bids for its businesses. Now, THE FINANCIAL TIMES updates that information, writing, "at least five groups have been told they are through to the second round of the auction for all or parts of WARNER MUSIC, including PLATINUM EQUITY and RON BURKLE's YUCAIPA COMPANIES, according to people close to the process."
The other three companies who made the cut to the final five include LEN BLAVATNIK's ACCESS INDUSTRIES, SONY MUSIC and BMG MUSIC PUBLISHING.
As expected, most of the bids were for WARNER CHAPPELL PUBLISHING, but an FT source said, "at least one initial offer had come in for the entire company."
The WARNER CHAPPELL PUBLISHING bids reportedly range from a low of $1.4 billion to a high of $2 billion. FT reports, "at least one bidder -- the BMG joint venture between KOHLBERG KRAVIS ROBERTS and BERTELSMANN -- has been told to come back with an increased offer."