Is Napster's Co-Founder Looking To Buy EMI?
September 23, 2011 at 4:04 AM (PT)
There's a surprise name that's entered the bidding for EMI. THE NEW YORK POST reports, "music entrepreneur SEAN PARKER, a co-founder of music file-sharing service NAPSTER, and billionaire investor RON BURKLE have teamed up again and are considering making a bid for music label EMI. The duo, which was interested in being part of a bid for WARNER MUSIC GROUP, are seeking to partner with an existing bidder or, possibly, jumping into the bidding process already under way, sources said."
Earlier this month, another surprise name surfaced (NET NEWS 9/8), when previous owner GUY HANDS expressed interest in getting EMI back.
CITIGROUP received first-round preliminary bids from around 10 potential buyers (NET NEWS 8/31), both trade and financial, in JUNE. Several buyers are expected to submit bids for the whole or parts of the music group. Among those kicking EMI's tires include the other major label groups (VIVENDI's UMG, ACCESS INDUSTRIES' WMG, SONY), as well as BERTELSMANN AG and CPP INVESTMENT BOARD.
CITIGROUP is seeking second-round bids for EMI by the first week of OCTOBER.