London – Private equity firm KKR is in discussions with major record
label Warner Music Group (NYSE: WMG) on a bid to acquire struggling fellow major label EMI,
the Times Online reported. The Times noted that KKR is already a partner in a
music publishing joint venture with Bertelsmann, and is likely interested in
EMI Music Publishing, while Warner has its eyes on EMI’s recorded music
division.
EMI parent company Terra Firma is currently seeking another $180
million from investors to prevent lender Citigroup from taking over EMI —
which last week announced the departure of CEO Elio Leoni-Sceti.
Terra Firm
acquired EMI for about $4.8 billion in 2007, in a deal financed through loans
from Citigroup.
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(Times Online)
