Does New WMG Owner Have The Inside Track To Buy EMI?
May 12, 2011 at 5:51 AM (PT)
Now that WARNER MUSIC GROUP has been sold (NET NEWS 5/6), an expected sale of EMI can come into focus. THE NEW YORK POST reports, "LEN BLAVATNIK, who just won a heated bidding war for WARNER MUSIC, has such an inside track on scoring EMI that they doubt an auction will officially get under way."
In FEBRUARY (NET NEWS 2/1) CITIGROUP seized control of EMI GROUP from GUY HANDS, acquiring 100% of the share capital on a restructuring that saw the company's debt load cut to £1.2 billion from £3.4 billion. It has long been rumored that CITIGROUP would sell the label before this SUMMER.
THE POST report claims CITIGROUP "already may be holding one-on-one meetings to gauge BLAVATNIK's interest in striking a deal for EMI and merging it with WARNER."