Report: WMG Considering Dropping Out Of EMI Sale Bid
October 10, 2011 at 4:16 AM (PT)
LEN BLAVATNIK, owner of WARNER MUSIC GROUP is reportedly "considering dropping his bid for EMI GROUP because CITIGROUP is taking too long to choose a buyer," reports BLOOMBERG.COM. "BLAVATNIK has told people involved in the auction that he may drop his offer in several days, said the person, who requested anonymity because the negotiations are private."
The slow process has also reportedly forced the sale price down. ALL ACCESS reported last week (NET NEWS 10/5) that the sour economy's tight credit markets may prevent CITIGROUP INC. from selling EMI GROUP at a price it desires, forcing the bank to break up the conglomerate to sell in pieces, or to postpone the sale.
In addition to WMG, the players in the EMI auction reportedly include billionaire RON PERELMAN, billionaire RON BURKLE and a partner, the UNIVERSAL MUSIC GROUP, SONY CORP. and BMG RIGHTS MANAGEMENT.