BRUSSELS (Hypebot) — Universal Music is hoping to sell 3 major music catalogs to help finance it's $1.9 billion acquisition of EMI’s recorded music business from Citigroup. Universal has reportedly hired Bank of America Merrill Lynch to find a buyer expected to pay as much as $200 million.
On the auction block are classical, Christian and German schlager publishing catalogs, according to Business Week. Universal Music also reportedly hopes to sell real estate in France and Germany that are leased to other companies.
The three catalogs have attracted 12 bidders including KKR & Co.controlled BMG Rights Management, according to The Financial Times.