NEW YORK (CelebrityAccess MediaWire) — The final bids for Warner Music were tendered this week, with some sources reporting that BMG Rights Management and Universal Music Group have teamed up in an effort to land both Warner and EMI.
According to the Daily Telegraph, the two companies would divide up the catalogs of Warner and EMI in an attempt to avoid regulatory concerns.
Russian-American billionaire Leonard Blavatnik and a consortium of investment firms led by Tom and Alec Gores, brothers to Paradigm Chairman Sam Gores have also submitted competitive bids.
The bidding process, which is being conducted by Goldman Sachs and AGM Partners, is likely to be completed by Friday, with an announcement made on that day, Reuters reported. Analysts expect the winning bid to top $3bn. – CelebrityAccess Staff Writers