Add UMG-Citi talks

IT’S COMPLICATED: “So Warner may not be out completely,” Jannarone reasons. “If regulators were to ignore the argument that the weakened music industry makes consolidation less of a problem and demand strict remedies, Warner would be in prime position to buy all or parts of EMI from a desperate seller. Along with Sony, Warner is the only other company that could extract cost savings from a deal to justify the purchase. And even if Universal gets the green light in the U.S., it could face an even bigger hurdle in Europe. Again, Warner could have a second bite. For now, a price-disciplined Warner hardly looks to be the loser.” (11/9a)