New York – Since putting itself up for sale in January,
major record label Warner Music Group (NYSE: WMG) has received 10 offers from suitors for
its various music publishing and label assets, Business Week reported, citing
sources. Sony/ATV Music Publishing and KKR’s BMG Rights Management have
reportedly bid for Warner/Chappell, the company’s music publishing unit.
Business Week’s sources say a sell-off of Warner’s music publishing unit is the
most likely outcome, as the company has long sought a merger with fellow major
label EMI — which recently defaulted on debt payments and was taken over by
Citigroup.
Warner has also reportedly received an offer from former board
member and billionaire Len Blavatnik for "most of the company," while
Universal Music may seek to acquire Warner’s Japanese and other overseas record
label operations, or a U.S. distribution deal.
Sources told Business Week
Warner has received offers for both its U.S. and non-U.S. recorded music units.
The company’s board will reportedly narrow the list of suitors to 6-8 this week.
Related Links:
http://tinyurl.com/5vwvbsa
(Business Week)
