Bertie and its advisers, Citigroup and J.P. Morgan, fielded more than a dozen offers last week, Arango reports, after which it invited back a handful of prospective buyers, each of which bid at least $1.5 billion, with UMG said to be the most aggressive, true to its M.O. These suitors are attracted to the pubbery’s consistent profitability—it throws off annual revenue in the $100 million range.
Following I.B.’s line of reasoning, Arango wrote that “Some close to the process say Bertelsmann may be inclined to sell to a private-equity group or Viacom because of the added regulatory risk that would come with selling to Warner, Universal or EMI.” He quotes a media banker as noting, "The real question is: Do the Germans have the patience for a big regulatory fracas?"
EMI is working with Kohlberg Kravis Roberts, while WMG is operating in tandem with its usual suspects, Providence Equity Partners, Bain Capital and Thomas H. Lee Partners.
YOUR TOP 20 IS BOTH ICY AND POST-TOASTY
Actually, we'd prefer a bowl of oatmeal. (12/5a)
GRAMMY CHEW: WHO ARE THESE PEOPLE, ANYWAY?
Those who fail to learn from the past are destined to repeat it. (12/5a)
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EGGNOG!
Ours is mostly bourbon.
MISTLETOE!
Delicious in salads.
CHESTNUTS!
Ours are roasting, but it could be these slim-fit jeans.
WEED!
An entire Christmas tree made of it. Is what we want for Christmas.
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