Warner Music and EMI are both up for sale. But so far Warner has attracted more than 20 interested parties, sources said.
According to the NY Post >>
Warner, hoping to get its sale in place before the recorded music and music publishing assets of rival EMI are formally put on the block, is asking bidders to submit first-round bids for all or part of its business by the end of the month.
In the bidding mix for Warner are several names, include Zomba founder Clive Calder and Russian investor, Leonard Blavatnik. Others include Universal Music; Sony Music; private-equity giants KKR, Apollo and Providence Equity, and Netherlands-based music publishing giant Imagem.
Some of those names are also considered potential buyers of EMI, which Citi took control of after Hands' private-equity firm, Terra Firma, struggled to meet the terms of its loan agreements.
Warner's private-equity backers -- Thomas H. Lee Partners, Bain Capital and Providence Equity Partners -- have to decide whether to totally cash out of the music business or just sell the publishing arm.
Warner CEO Edgar Bronfman Jr. seems far from cashing out of the music business and is talking about buying EMI's recorded music business even if a bid for EMI's publishing arm doesn't pan out.
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