Sony Music says eyeing EMI -paper

FRANKFURT, May 9 (BestGrowthStock) – Sony Music (6758.T: ) said it is
considering a bid for ailing British rival EMI [LNDONE.UL] on
Sunday, while its main rivals deny any interest or decline to
comment on their intentions .

“We are in a position that allows us to seize every
opportunity in the market – including EMI,” the head of Sony
Music, Rolf Schmidt-Holz, was quoted as saying by German Sunday
paper Frankfurter Allgemeine Sonntagszeitung.

EMI’s owner, buyout firm Terra Firma, is asking investors
for 360 million pounds ($557 million) for the British music
company to prevent the investment from falling into lenders’
hands, a source told Reuters last month. [ID:nLDE63J0UA]

EMI, home of artists like the Beatles and Coldplay, tried
but failed to agree a licensing deal for its North American
rights in March after holding talks with Sony Music and
Universal Music Group (VIV.PA: ).

Warner Music (WMG.N: ) Chief Executive Edgar Bronfman on
Thursday declined to comment on speculation that the U.S. music
company was eyeing assets of EMI. [ID:nN06243785]

The head of BMG, the music venture owned by Bertelsmann and
KKR, told the Financial Times last week BMG would not bid for
EMI in the near term, even though it was seeking to replicate
the success of its U.S. deal-making in the Britain.
[ID:nLDE6410MN]

The world’s largest music company Universal owned by Vivendi
(VIV.PA: ), said in March it was not holding talks with Terra
Firma about a deal for EMI [LNDONE.UL], [ID:nLDE62M1PC]

Investing Analysis

(Reporting by Ludwig Burger; Editing by Erica Billingham)

Sony Music says eyeing EMI -paper