EMI Group PLC is likely to be sold off as two separate businesses--recorded music and song publishing--after reviewing final bids, Reuters news agency reported Wednesday on its website, citing unnamed sources.
The highest offers for EMI's publishing business have been submitted by Sony/ATV Music Publishing and BMG Music, with bids of roughly $2 billion, according to the report.
Warner Music Group and Universal Music Group are competing to buy the recorded music division, with Universal in the lead, the report quoted a source as saying.
Citigroup Inc. (C), which controls EMI, is likely to pick the winning bidders by the end of next week, the report said.
A Citigroup spokeswoman declined to comment, while EMI wasn't available for comment, and all bidders have declined comment, the report said.
Full Story: http://www.reuters.com/article/2011/10/12/us-emi-sale-idUSTRE79B7XI20111012