EMI Bids Are Much Lower Than Expected
· by Andrew Winistorfer
The bidding war for the right to own EMI--the label of Katy Perry, Pink Floyd, the Beatles and Radiohead--has not been going as well as the label's owner, Citigroup, has hoped. Apparently, the label is looking for something similar to the $3.3 billion purchase price of Warner Brothers earlier this year, but the bids have come in much lower than that. That probably has a lot to do with the fact that no big conglomerates are coming after EMI--unlike with Warner, which was purchased by a finance group--as labels like Warner and Universal Music Group are leading the pack of four music companies bidding on EMI. Citigroup is looking to unload EMI as soon as possible, so expect news on a purchase soon.