The Latest Name Attached To An EMI Sale: Alec Gores
June 23, 2011 at 5:05 AM (PT)
YESTERDAY (NET NEWS 6/22), ALL ACCESS reported that UNIVERSAL MUSIC GROUP would be one of the bidders for EMI GROUP. A person close to UMG passes that tip to the L.A. TIMES. The bidding process for the British conglomerate, now controlled by CITIGROUP, is expected to take months.
Now, another name has surfaced, with billionaire ALEC GORES, chief of The GORES GROUP, which controls radio syndicator WESTWOOD ONE and CD/DVD/video game distributor ALLIANCE ENTERTAINMENT, may make a move on EMI GROUP "after coming up short in last month’s auction of WARNER MUSIC GROUP (WMG), according to a person with knowledge of the situation," reports BLOOMBERG.
Earlier this week (NET NEWS 6/20), we learned after an apparent futile search for an interested suitor, the Board of Directors of EMI GROUP's holding company, EMI GROUP GLOBAL LTD, initiated a process "to explore and evaluate potential strategic alternatives," including a possible sale, recapitalization or initial public offering of the Company.
The BLOOMBERG report also noted, "GORES may seek to partner with his brother, TOM, the billionaire founder of BEVERLY HILLS, CALIFORNIA-based PLATINUM EQUITY, said the person, who sought anonymity because the deliberations are private. Another option for GORES would be to reach out to other music companies on a joint offer, said the person."