CitiGroup Prepares For EMI Auction
Now that the WMG auction has ended, bankers Citigroup is readying EMI for auction. A financial look at the months since Citigroup seized the music group on Feb. 1st after Terra Firma and its head Guy Hands defaulted on a nearly $5 billion load from Citi is reportedly near completion. At a value somewhere between $2.5 billion and WMG's $3.3 billion sale, there are reportedly a half dozen bidders eyeing the music group.
One bidder is almost certainly WMG auction winner Access Media led by Russian-born industrialist Len Blavatnik.
It's not clear yet if Citi will entertain offers that divide publishing from the music group, but post-WMG sale optimism reins at CitiGroup. “Lots of folks are interested,” a senior bank insider told The Wrap. “We’ve been letting the troops line up,” he added along with speculation that bidding will begin closer to $3.3 billion. month.