Thursday, 15 November 2012

Nine in frame for Parlophone

According to the FT, nine bidders are in the race to buy EMI's Parlophone label, including Warner Music, and the much discussed joint venture between XIX Entertainment's Simon Fuller and Island Records founder Chris Blackwell. Ronald Perelman's investment company MacAndrews & Forbes, which unsuccessfully bid for both Warner Music and EMI last year, is also thought to be among the nine. BMG has also reportedly signed a non-disclosure agreement with Universal, but has yet to submit a proposal. It's also thought Sony Music has also expressed an interest and signed an NDA, though a Sony acquisition of Parlophone would come with its own competition regulatory issues. Parlophone was put up for sale as a term of the EC's approval of Universal's take over of EMI's recorded music division.

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