London – Citigroup, which took over control of major record
label EMI after its private equity firm owner Terra Firma fell behind on loan
repayments, is quietly soliciting bidders for the label group, according to the
New York Post. Prospective suitors are said to include Universal Music; Sony (NYSE: SNE);
Ron Burkle’s Yucaipa; private equity firm Apollo; and Access Industries.
major label Warner Music (NYSE: WMG) has also long expressed interest in acquiring EMI.
Sources told the Post that EMI is valued at around $3 billion, with its music
publishing business valued at $1.8 billion.