After months of rumors and speculation, it was recently confirmed that Citigroup Inc. will be pressing on with its EMI Group LTD. sale amongst a series of bidder dropouts from the already limited list of ten interested parties earlier this month.
With a desired sale price of $4 billion, the lack of interested parties may force the final total down substantially. However, according to the Daily Mail, Citigroup is willing to sell EMI’s subsidiaries as well, a task that EMI itself was not willing to tackle.
For some time, Warner Music Group was considered a strong frontrunner in the bidding, but owner Len Blavatnik recently said that he may retract his offer due to Citigroup’s drawn out selection process.
The current frontrunner for EMI’s music division is considered to be Universal Music, which itself is owned by Vivendi out of France.
Reports indicate that the sale should conclude at by the end of October.