Report: Sony/ATV Submits Offer For Warner Music
May 4, 2011 at 4:00 AM (PT)
A new name has emerged in the bidding for WARNER MUSIC GROUP, with SONY/ATV MUSIC PUBLISHING LLC, co-owned by SONY CORP. and MICHAEL JACKSON's estate, joining the list of potential buyers.
Earlier this week (NET NEWS 5/2), the bidding for WARNER MUSIC was said to be more than $3 billion, with two or more bids expected on for the whole company. Several people familiar with the three-month auction said LEN BLAVATNIK's ACCESS INDUSTRIES was competing with a consortium bid by PLATINUM EQUITY, the mergers and acquisitions group run by TOM GORES, and the GORES GROUP, a private-equity firm run by his brother, ALEC.
"SONY/ATV made a joint bid with billionaire RONALD PERELMAN and GUGGENHEIM PARTNERS LLC," reports BLOOMBERG. "SONY/ATV’s bid is in the $3 billion range offered by BLAVATNIK and the GORES brothers, one person said. The company, headed by MARTIN BANDIER, is interested WARNER MUSIC's publishing business, while its partners are focused on recorded music, one of the people said."