Report: Citigroup Soliciting Buyers For EMI
March 21, 2011 at 4:03 AM (PT)
Much of the attention regarding a record label sale has been focused on WARNER MUSIC GROUP lately, with the most recent news (NET NEWS 3/8) of five bidders going after all or part of WMG. But don't forget, there is another label for sale.
CITIGROUP, which controls EMI, "is quietly soliciting interested parties and sitting down to discuss what parts of EMI they'd want to bid on and how rapidly they could close a deal in the hopes of not being left at the altar," reports THE NEW YORK POST.
"They're sorting the goats from the sheep, rather than entertaining all comers," said a source to THE POST.
Who wants EMI? Count WARNER MUSIC among those interested. Insiders feel WMG CEO EDGAR BRONFMAN JR. is looking to sell his publishing unit, WARNER CHAPPELL MUSIC, in order to pay down debt and make a bid for EMI's music division. Two weeks ago, BRONFMAN expressed disappointment in the bids coming in for WMG (NET NEWS 3/9) presumably because they didn't offer enough left over for EMI.
Other interested parties include some of the same names in the WMG bidding, with UNIVERSAL MUSIC GROUP and SONY reportedly looking at their fellow major label. Other interested groups include RON BURKLE's YUCAIPA CO., private equity firm APOLLO and LEN BLAVATNIK's ACCESS INDUSTRIES.