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Another bidder joins the Warner Music party
By CMU Editorial | Published on Monday 11 April 2011
Another freakin bidder for the Warner Music Group? These rich kids know the record industry’s doomed, right? Perhaps they read one of our optimistic editorials saying the music business had turned a corner, but we were lying, everything is totally fucked. So bid carefully suckers, bid with care.
No not really, though even the ‘glass-is-half-fullers’ here at CMU didn’t expect this many people to bid for the flagging American music major when it was put up for sale earlier this year, and I bet original contenders BMG didn’t expect so much competition either.
According to the New York Post, Oaktree Capital Management are the latest bidders to join the party, having teamed up with independent music publisher Primary Wave to make a $1.5billion offer for the Warner publishing business Warner Chappell.
As previously reported, Ron Burke’s Yucaipa, the KKR-backed BMG, Leonard Blavatnik’s Access Industries, Sony/ATV, Live Nation, MacAndrews & Forbes Holdings, Permira, Platinum Equity, Gores Group, Guggenheim Partners and Promthus are all thought to have made formal bids for some or all of the Warner Music Group.
