Sony/ATV Pursuing a Purchase of Warner

Sony/ATV Music Publishing, the world’s largest music publishing company jointly owned by Sony and the Michael Jackson Foundation, wants to buy Warner Music. Sony/ATV is partnering with Ronald Perelman and the Guggenheim investment group to carry out the purchase.

This information was provided by unnamed individuals who do not have permission to speak with the media.

Yesterday, Warner Music announced that it will be ready to receive purchase offers within 48 hours. With billionaire Ron Burkle stepping aside and Sony/ATV entering the race, the number of high-profile bidders has dropped to three. Len Blavatnik, a former music executive at Warner and the brothers Grez—Tom and Alec—are among the other bidders.

The proposed purchase price is estimated at around $3 billion. All competitors, as well as Warner Music, have refused to disclose any information about the deal. The company’s long-term debt has been reported at about $1.94 billion.

Source: eMJey.com / Bloomberg