Warner Music Group To Be Sold For $3.2 Billion!

NEW YORK (Top40 Charts) According to reports in the FT and New York Post, both private equity groups submitted evidence to Goldman Sachs to demonstrate they had lined up financing last Friday.

The group, that includes Atlantic Records, Reprise Records and EastWest Records, is wanted by both the Gores brothers - who own a series of media/communications companies - and Russian tycoon Len Blavatnik, who already owns shares in the company.
Both parties have submitted bids for the company and they are now being deliberated. Both bids are said to include plans of how to manage Warner Music Group's debt.

Warner Music Group was put up for sale in January after advice from accountants about its future. The successful bidder will attempt to merge the company with struggling EMI, which is now in the hands of investment bank Citigroup. Citigroup is expected to put the music company up for sale in the near future after taking control from private equity firm Terra Firma in February.

Artists signed to Warner Music Group include Paramore, Foals, Muse and Linkin Park.