|UMG To Bid On EMI
Posted: June 22, 2011
NEW YORK (Hypebot) Universal Music Group will be among the bidders for EMI Music Group, a source close to the label has told the LA Times. Since Warner Music Group along with several others have also expressed strong interest, the stage is being set for an aggressive competition for the beleaguered music group. Why is there so much interest in EMI?
Universal is reportedly focused on EMI's label group which includes such top selling artists as Katy Perry, Beastie Boys and Lady Antebellum. But Universal may have to bid for the entire company which includes EMI's successful publishing unit.
The level of interest from many bidders appears based on EMI's rich catalog. Whatever the thinking, higher valuations would be welcome news for the battered recorded music sector.