Four bidders remain in EMI Publishing catalogue sale
By CMU Editorial | Published on Thursday 29 November 2012
Four parties are still in the running to buy the EMI publishing catalogues being sold by Sony/ATV as a condition of their acquisition of the EMI publishing business. As much previously reported, the Sony publishing firm led a consortium to buy the EMI songs company, and agreed to sell off a small number of European catalogues belonging to its new acquisition – namely the Virgin and Famous UK catalogues – in order to get regulator approval for the deal.
An assortment of possible bidders came forward expressing interest in the song catalogues for sale, with nine submitting initial offers, but insiders say that only four parties are now still bidding. Bids are in from BMG, Because Music and a joint venture between Kobalt and the G2 Investment Group, while Warner Music is expected to submit an offer in the next 24 hours (even though technically the deadline for second round bids has closed).
The sale is being coordinated by lawyer John Branca, one of the executors of the Michael Jackson estate, which owns half of the Sony/ATV company.