LONDON (Reuters) - Warner Music is contemplating a $750 million (464.6 million pound) bid for EMI (LSE: EMI.L - news) 's recorded music division and could lodge a bid with private equity owner Terra Firma within weeks, the Observer newspaper reported on Sunday.
After breaching the terms of its debt, Terra Firma, run by Guy Hands, has been fighting to keep EMI out of the clutches of its main creditor bank, Citigroup. Warner has long been rumored to be interested if Citigroup assumes control of EMI.
If the deal goes down this would be yet another major distributor casualty of the MAPS agreement that slowly has eroded the music business.
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