Count us shocked. No, super-shocked! After reportedly walking away from the auction process for EMI, Universal Music Group and Access Industries are now reportedly walking right back to it. Business Week claims that the major label group “may get back into the bidding” for EMI’s recorded music division, while Access Industries “may revive talks” with EMI’s current owner Citigroup if it can secure certain concessions.
Anyone would think that all the companies concerned are engaged in hardball negotiations.The article suggests that price may continue to be a sticking point, particularly as Citigroup and EMI’s suitors reportedly disagree on the value of some of EMI’s liabilities for pensions and physical store leases. PS, in case of misunderstanding, can we point out that we’re not, in fact, shocked.
