Japan’s Sony Corporation (TYO:6758) and Germany’s BMG Rights Management GmbH plan to make a joint bid for Parlophone and other labels of UK music group EMI Music, the Financial Times (FT) said today.
Universal Music Group Inc, the US record company owned by French media and telecom conglomerate Vivendi SA (EPA:VIV), is selling Parlophone in order to appease EU regulators’ competition concerns about its planned USD1.9bn (EUR1.5bn) takeover of Emi’s recorded music business.
Sony and BMG, a music publishing joint venture between German media giant Bertelsmann (FRA:BTG4) and private equity group KKR & Co LP (NYSE:KKR), did not wish to comment. Should their bid be successful, the partners will split the acquired assets, the FT said.
Other suitors for the EMI labels that have been put up for sale are Ronald Perelman’s investment company MacAndrews & Forbes Holdings Inc, as well as Simon Fuller, founder of the American Idol TV series, together with Chris Blackwell, founder of Island Records, who are backed by UK investment firm RIT Capital Partners plc (LON:RCP), the FT added.