EMI Back on the Auction Block
EMI Group is actively pursuing buyers and other opportunities, the company announced today (6/20). In an official statement, EMI revealed it “has initiated a process to explore and evaluate potential strategic alternatives, including a possible sale, recapitalisation or initial public offering of the Company.”
EMI is currently under the control of creditor Citigroup. The bank took over the music company when previous owner Terra Firma, under the direction of Guy Hands, couldn’t meet its loan requirements.
The official statement continues, “The Company does not intend to disclose developments with respect to its strategic review process unless and until its Board of Directors has approved a specific transaction.”
Conventional wisdom indicated that EMI would begin courting suitors following the sale of Warner Music Group, so that two major music companies weren’t on the auction block at the same time.
Warner sold a few months ago to Russian billionaire Len Blavatnik’s Access Industries.
