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EMI auction ready to roll

DÉJ VU ALL OVER AGAIN: Three months after taking over EMI, Citigroup will begin in earnest this month to sell off the company, a senior Citi official has told The Wrap’s Johnny Roberts in what is billed as an exclusive. “Lots of folks are interested,” according to this inside source. “We’ve been letting the troops line up.” With EMI valued at north of $2.5 billion, at least a half dozen billionaires, buyout firms and rival labels are said to be poised to vie for the Big Four bottom dweller. Citing Citi as his source, the prospective bidder said the bank is nearing the final stages of producing the offering papers. The document is likely to include a financial snapshot of the three months since Citi seized EMI on Feb. 1. The senior Citi insider suggested that the bidding will begin closer to the $3.3 billion fetched for Warner Music by Len Blavatnik a month ago. (6/8a)

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