The auction for EMI’s recorded music operation is still going on, even with big bidders backing out.
As mentioned here before, Access Industries, owned by Len Blavatnik was thought to be in the lead to bring EMI into its company. They bought out Warner Music Group earlier in the year. Access had placed a bid of about $1.5 to $1.6 billion, a price not expected by business analysts. Wanting a higher number, Citigroup (which currently owns EMI) decided to hold out when they dropped their bid.
Universal Music Group was also among the bidders for the company. They backed out in what seemed like a business ploy to lower the asking price. According to Billboard Biz, Citigroup is having better luck with it’s publishing company. It is currently being auctioned between BMG Rights Management and Sony Corp. at a price of $1.8 billion.