AfterDawn: Tech news

Bids for EMI are underwhelming

Written by Andre Yoskowitz @ 17 Oct 2011 2:28 User comments (1)

Bids for EMI are underwhelming

EMI Group, the fourth largest record label, is seeing underwhelming bids, say sources close to its owner Citigroup.
The bank was forced to take over the label this year after the former owner, private equity firm Terra Firma, could not pay back its debts.

Five months ago, the Warner Group (world's 3rd largest label) sold for $3.3 billion, giving Citi faith that they could command a similar price for the label which has 1.3 million songs including recordings by the Beatles, Coldplay and Katy Perry.

EMI has been up for sale since June, after Citi was forced to write down the label's debt by $3.5 billion.

For now, it appears the only bidders on EMI's recorded music division are other labels, with each bidding as high as $1.3 billion, well short of the $3.5 billion Citi hoped for. EMI's publishing unit has received bids as high as $2 billion.

Tags: EMI Bids Citi
Previous Next  

1 user comment

117.10.2011 05:13

So EMI didn't really have an unlimited supply? So much for that song...

Comments have been disabled for this article.

Latest news

Neato, the robot vacuum company, ends its operations Neato, the robot vacuum company, ends its operations (02 May 2023 3:38)
Neato Robotics has ceased its operations. American robot vacuum pioneer founded in 2005 has finally called it quits and company will cease its operations and sales. Only a skeleton crew will remain who will keep the servers running until 2028.
4 user comments
How to Send Messages to Yourself on WhatsApp How to Send Messages to Yourself on WhatsApp (20 Mar 2023 1:25)
The world's most popular messaging platform, Meta-owned WhatsApp has enabled sending messages to yourself. While at first, this might seem like an odd feature, it can be very useful in a lot of situations. ....
18 user comments
How to Enable Bluetooth on Stadia Controller How to Enable Bluetooth on Stadia Controller (11 Feb 2023 1:04)
Google shut down its streaming game service Stadia late last month and this means that some people have Stadia controllers lying around that seem to be of no use. That is fortunately not the ....
2 user comments
Guide: How to Kick Unwanted Guests from Your Netflix Account Guide: How to Kick Unwanted Guests from Your Netflix Account (26 Jan 2023 2:14)
Sharing a Netflix account with a person in a different location is possible and indeed very common, although the company doesn't necessarily enjoy this behavior from their customers. However, ....
Guide: Turn an Old Computer Into a Chromebook Easily and for Free Guide: Turn an Old Computer Into a Chromebook Easily and for Free (07 Jan 2023 2:11)
Do you know someone whose computer is way beyond its best-before date, and they, unfortunately, do know have the skills or the expertise to do much about it? Or do you own a pile of old laptop ....
2 user comments

News archive