Offer Talks Terminated
November 24 2003 - 2:03AM
UK Regulatory
EMI WITHDRAWS OFFER FOR TIME WARNER'S RECORD DIVISION
LONDON, 24 NOVEMBER 2003 -- EMI Group plc today announced that it has withdrawn
its offer to Time Warner for the acquisition of Time Warner's recorded music
business.
Eric Nicoli, chairman of EMI Group, said: "We have concluded that it is no
longer possible to reach an agreement on terms which would be acceptable to
both parties and in the interests of EMI's shareholders."
EMI's goal is to drive shareholder value by building a company which provides a
wide choice of quality music and innovative products through a range of
delivery methods and which offers the most attractive environment for artists
to develop their music and their careers.
EMI is making good progress towards that goal as its interim results last week
demonstrated. In the six months ended 30 September 2003, EMI strongly
outperformed the music industry, maintaining turnover and operating profits
against a recorded music market decline of more than 10 percent.
Enquiries
EMI Group plc
Amanda Conroy Corporate Communications +44 20 7795 7529
Claudia Palmer Investor Relations +44 20 7795 7635
Brunswick Group Limited
Patrick Handley +44 20 7404 5959
END