Warner Reportedly Ups Offer For EMI
Warner Music Group has reportedly raised their previous bid forEMI by $200 million. The Sunday Times dropped the story over the weekend but didn’t cite their sources. Warner and EMI did not comment on the development.
Warner has been courting EMI for some time, but cannot seem to woo the troubled label into bed. However, EMI may want to revisit Warner’s overtures because their looks are definitely fading. The private equity sector delivered them a “lowball” bid recently that may have dropped them to reality despite the fact that the offer won’t be subject to any regulatory scrutiny.
In addition, the latest annual fiscal report is due from EMI, and it won’t be pretty. EMI has issued a number of warnings including a 15% decline in recorded music revenues, and hasn’t had a profitable quarter in recent memory…