Warner Music bidders close in

Les offres pour Warner Music sont clôturées.

Monday May 2,2011
By Daily Express Reporter

Just two bidders are now thought to be left in the $3billion (£1.8billion) auction of Warner Music and its catalogue of recordings by acts including Madonna and REM.
Billionaire Los Angeles investor Ron Burkle has reportedly dropped out of the auction ahead of this week’s deadline for offers.
That reduces the bidders to Russian-born media and mining tycoon Len Blavatnik and wealthy American brothers Tom and Alec Gores. Although the private equity firms that control Warner Music would prefer an outright sale of the whole group, they could still seek separate buyers for its recorded music labels and its music publishing division.
Whoever wins is expected to turn their sights on EMI, which is likely to be put up for sale this year by US bank Citigroup after it seized control of the firm from Terra Firma, the finance group run by Guy Hands.

Source: Daily Express.

Warner Music’s catalogue includes a string of big-earning hits by Madonna.