Kelis has a new album on the way, and it’s all about food. In fact, it’s called ‘Food’, with the star having proved her cuisine credentials by doing interviews at […]
Will Citigroup be forced to hang on to EMI for a while longer, rather than selling the music group? There is confusion around the auction process for EMI, with reports on Friday and Saturday suggesting that two of the main suitors have pulled out of talks.
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.
This might not be a direct music industry story, but it’s very relevant. Google announced yesterday that it is planning to buy mobile handset maker Motorola for $12.5 billion. Why? Patents. Specifically the more than 17,000 mobile patents held by Motorola, which will help Google defend Android (including other handset manufacturers) from lawsuits from Apple and Microsoft.
The winner of the bidding war for Warner Music Group is Len Blavatnik, chairman and founder of US industrial group Access Industries. It has acquired WMG in an all-cash transaction worth $3.3 billion…
This week should see the first bids submitted for Myspace, following a several-week period where interested parties were able to scrutinise the social network’s latest financials and predictions.
In the scale of huge corporate mistakes, AOL’s acquisition of Bebo in 2008 ranks pretty highly. AOL paid $850 million for the social network, then watched it fade into mediocrity as Facebook left it for dust. Now a series of reports have suggested that AOL has agreed a deal to sell Bebo to a private investment group for a mere $10 million.