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Universal set to bid for EMI
Universal Music Group is set to be one of the early bidders for EMI, which Citigroup, its current owner, is expected to put up for sale.
The US investment bank announced that it was considering a number of “strategic alternatives” and if the sale goes ahead, it is expected to open up a lengthy bidding process, reported the Los Angeles Times.
Acquiring EMI, in theory, would be an "easier sell" to regulators as its share of the US market is just nine per cent, whereas Universal’s is 30 per cent.
Earlier this year it had considered making a bid for Warner Music Group, but in contrast to EMI’s small share, Warner, with a 19 per cent share, would have been a merger that would have struggled to get past antitrust hurdles.
Universal, the largest of the four major record labels, sees the acquisition of EMI as a lucrative venture.
It would make the company massively power and open its books to stars like the acoustic guitar player Richard Ashcroft, Coldplay, Katy Perry and the Beastie Boys.
In addition to the roster of music stars, the publishing arm of EMI, which includes the songwriting rights of some of the most successful artists in the world – Jay Z and Snoop Dogg for example – would be another profitable asset.
EMI was set up 114 years ago.
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Posted on 23 Jun 2011 12:24 to category : Music News
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