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Tuesday, June 14, 2011

EMI for Sale

A WEMI WHEN? With Citi about to put EMI Music up on the block, speculation surrounds the possibility of a bid from new WMG owner Len Blavatnik to try to fulfill pal Edgar Bronfman Jr.’s decade-plus-long dream to combine the two companies. Speculators are now speculating that Citi, wanting a clean sale with no hold-ups, are backing off a potential WMG sale, with that company’s shareholders already filing suits against Blavatnik’s winning bid, claiming there were other, higher, offers from the likes of the Gores brothers. EMI head Roger Faxon is hoping to pull off what Junior did in the WMG sale, and find buyers from outside the music business for EMI. Action to come. (6/14a)

 
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