According to the LA Times, Citigroup has asked a select group of bidders to make their final offers for EMI Music by October 5th. Citigroup is reported to have been receiving preliminary bids from private equity firms, such as Platinum Equity and music companies including Warner Music Group, Sony Corp, BMG Chrysalis and Universal Music Group. Warner and its new owner Access industries are said to be interested in buying the entire company, but others like Sony BMG are apparently focusing on EMI’s publishing arm, which accounted for 45% of its operating margin and 29% of revenue in the fiscal year ended March 2010. Executives familiar with the bids say EMI could fetch more than $3bn or even $3.5bn. Access Industries acquired Warner Music Group in May for $3.3bn in cash and debt.
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Tools: Kaiber
In the year or so since its launch, AI startup Kaiber has been making waves,…