A report in the Sunday Times claims that private equity group KKR and Warner Music Group are plotting a deal to buy and break up EMI. KKR is apparently keen to bag EMI’s publishing arm, to add to its existing joint venture with Bertelsmann. Meanwhile, WMG would aim to take EMI’s recorded music division, which it’s long been rumoured to covet. The newspaper’s sources say there has not been any contact with EMI from the two proposed bidders, and that the situation is unlikely to develop until EMI and owner Terra Firma have resolved their financial situation with backer Citigroup one way or another.

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