A select group of bidders have been asked to submit their best offers for the British music company by Oct. 5, according to reliable sources expert with the auction of EMI. Citibank has been entertaining preliminary bids from private equity firms, such as Platinum Equity, as well as other music companies, including Warner Music Group, Sony Corp., BMG Chrysalis and Universal Music Group.
Certain bidders, including Warner, are interested in the whole of EMI, (published and recorded works) whereas others such as Sony and BMG are interested primarily in EMI’s publishing with catalogue including such hit makers as Beyoncé, Alicia Keys and Kanye West. Universal is interested in EMI’s recorded legacy as it controls the masters of artists such as The Beatles, Radiohead, and Frank Sinatra.
EMI, with its sale expected to wrap up before the end of the year, would be the second major music company to be sold this year, following Access Industries’ acquisition of Warner in May for $3.3 billion in cash and debt. Executives familiar with the bidding predicted that the sale could fetch over $3 Billion.
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