Warner Music Group (WMG) has decided to try to sell itself in one piece, rather than entertain offers for parts of the business, according to The Wall Street Journal. The company may make a deal within weeks, reported the newspaper, citing unnamed sources.
Warner’s board met Tuesday to determine the best course of action after a handful of bidders put in second-round offers last week, the Journal said.
Some of the bids were for all of Warner Music, which has a current market cap of around $1.1 billion. Other offers were for the two major parts of the company: the recorded-music business, which includes the Atlantic and Warner Bros. record labels, and the music-publishing division, known as Warner/Chappell.
Among the bidders for all or part of Warner are Los Angeles billionaire Ron Burkle’s Yucaipa Cos., Live Nation Entertainment Inc.; Sony Corp. and BMG Rights, a joint venture of buyout firm Kohlberg Kravis Roberts & Co. and Bertelsmann AG.
At last check, WMG was up 7 cents, or 0.95%, to $7.43. Day’s range: $7.23 – $7.51. Volume: 893,000 shares traded as of 1:07 p.m. EST vs 609, 000 daily (3m) average.
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