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Post: UMG close to getting EMI Music

EMI, ROUND BY ROUND: In her latest report from the front lines, the N.Y. Post’s Claire Atkinson says UMG edged closer to a deal for EMI’s recorded music business after top executives huddled with Citi bankers in London last night. Sources told her a deal could be hammered out within the next 48 hours—and this despite the fact that Universal’s $1.2 billion offer is $400 million less than Len Blavatnik’s bid, which he reportedly withdrew last week. Meanwhile, Atkinson writes, Citi is playing off Sony against BMG/KKR in the battle for EMI Music Publishing. Both have offered around $2 billion. “Sony is back in the game,” said one source. “It’s ruffled KKR’s feathers.” In a previously unreported wrinkle, Atkinson notes that Citi is believed to want to conclude both deals at the same time since there are issues that need to be agreed between both sets of buyers, such as who keeps the EMI brand name. UMG, Sony and Citi declined to comment. (11/10a)

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