EMI To Be Sold As 2 Separate Businesses: Sources - Reuters

Date : 10/12/2011 @ 10:44PM
Source : Dow Jones News
Stock : Brt Apartments Corp. (MD) (BRT)
Quote : 7.96  -0.12 (-1.49%) @ 4:00PM

EMI To Be Sold As 2 Separate Businesses: Sources - Reuters

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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

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