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Blavatnik Eyes EMI?

BLAVATNIK EYEING EMI? EMI may already be holding meetings with WMG buyer Len Blavatnik about buying the company, according to a report in the N.Y. Post. Blavatnik has  such an inside track  that an auction might not even take place. Citi was expected to put EMI up for sale sometime this month. Blavatnik could justify paying more for EMI than the $3.3 billion he did for WMG, including the assumption of debt, by integrating the two companies. Other sources insist that Warner bidders who lost out on that auction, including Gores Group, Tamares Group and BMG Rights, may be interested in taking a run at EMI. EMI's profits were roughly $256 million in 2007 when Terra Firma acquired it. EMI's projected earnings for 2011 are expected to be about $540 million compared to $310 million for Warner. WMG boss Edgar Bronfman Jr. has long wished to merge EMI with Warner to create a business to challenge rivals Universal and Sony. (5/13p)

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