Warner Music is contemplating a $750m (£470m) bid for EMI’s recorded music division. Wall Street sources say it could be lodged with EMI’s owner, private equity group Terra Firma, within weeks.
Während der Finanzinvestor Terra Firma angeblich nicht verkaufen will, ist die Citigroup an einem Verkauf interessiert. Eine verlorene Klage von Terra Firma gegen Citigroup bezüglich des Kaufpreises von EMI seinerzeit scheint die Machtverhältnisse bei dem Majorlabel zugunsten der Citigroup zu verändern.
Analysts say the only way [Terra Firma-Chef Guy Hands] can resist Citigroup’s plan to take over EMI would be if Terra Firma’s investors continue to pump money into the company. EMI is expected to breach its covenants again in March, but Terra Firma investors, who have seen the value of their equity investment in EMI wiped out, may be reluctant to intercede.
Had Hands won the US court case, he could have used the proceeds to buttress EMI’s financial position. The group has lost more than £2bn in the past two years, and the value of the music company has more than halved since Hands paid £4.2bn for it three years ago.