Report: Warner Music Group Gets Two New Bids
March 22, 2011 at 5:42 AM (PT)
Two weeks ago (NET NEWS 3/8), ALL ACCESS reported at least five groups had been told they are through to the second round of the auction for all or parts of WARNER MUSIC GROUP, including PLATINUM EQUITY, RON BURKLE's YUCAIPA COMPANIES, LEN BLAVATNIK's ACCESS INDUSTRIES, SONY MUSIC and BMG MUSIC PUBLISHING.
Now, THE FINANCIAL TIMES reports two new bids have emerged for WMG. "TAMARES, a private investment group with assets ranging from property to digital media, has bid for the whole company, according to three people familiar with the negotiations, while BMG MUSIC PUBLISHING, backed by KOHLBERG KRAVIS ROBERTS and BERTELSMANN, has revised the terms of its earlier offer."
It's believed BMG made an earlier offer for WARNER CHAPPELL PUBLISHING, and has revised that offer to include all of WMG. THE FINANCIAL TIMES estimates BMG's earlier offer at about $1.4-$1.5 billion. The new offer is reportedly $2.8 billion for the whole company.