Warner in good position to take over EMI
NEW YORK – The Wall Street Journal reports today that Warner Music Group has moved closer to striking a deal it has coveted for years: the acquisition of the recorded-music division of rival EMI Group.
Warner, owned since the summer by Russian-American billionaire Len Blavatnik, is in pole position to win an auction of EMI Music after Vivendi SA walked away from the bidding process. The price tag is likely to be between $1 billion and $1.5 billion.
According to the Journal, Vivendi, the Paris-based entertainment and telecoms group, decided not to pursue a deal after it was unable to reach an agreement on certain terms.
In related news, EMI Sweden is enjoying considerable success right now with both Roxette and Swedish House Mafia, while EMI’s Capitol label has just released a new Coldplay album that was an instant hit. SHM sold out an upcoming Madison Square Garden concert in 20 minutes. They will hold the distinction of being the first dance music act to ever play the Garden.