(UPDATED) Music publisher BMG Rights submitted its bid for EMI to bankers Citigroup in on Friday, according to the New York Post. Warner Music Group is expected to submit their bid this week. Other expected bidders include: Sony Corp. Vivendi's Universal Music Group and the with the private-equity firms Gores Group and Ron Perelman's MacAndrews & Forbes.

Industry insiders have speculated that the deal will close in the $2.3 - $3.3 billion range. According to Reuters,  Goldman Sachs, Credit Suisse and UBS have said they will help finance a deal.