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Monday, May 2, 2011

Bank of America Getting Cold Feet

COLD FEET: Ron Burkle, who has reportedly pulled out, and Len Blavatnik, who is getting antsy (see below), aren't the only ones having second thoughts about Warner Music Group's $3 billion-plus price tag. The New York Times notes that Bank of America is pulling its financing for various bidders, citing issues with the price and broader music industry prospects. It remains unclear which groups were tapping BoA funds, or what the pullback entails, but it can't be a good sign moving forward, with WMG reportedly carrying debt upwards of $2 billion (5/2p)

 
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