Tags: Billionaire | Alec Gores | Weigh | Offer | EMI

Billionaire Alec Gores Said to Weigh Offer for EMI Music Label

Wednesday, 22 Jun 2011 02:56 PM

Billionaire Alec Gores may offer to buy the British record company EMI Group after coming up short in last month’s auction of Warner Music Group Corp., according to a person with knowledge of the situation.

Gores may seek to partner with his brother, Tom, the billionaire founder of Beverly Hills, California-based Platinum Equity, said the person, who sought anonymity because the deliberations are private. Citigroup Inc., which owns EMI, said this week it plans to sell the music company or take it public.

The decision to seek a buyer makes industry consolidation more likely, according to Laura Martin, an analyst at Needham & Co. The Gores were outbid in May for Warner Music, which agreed to a $3.3 billion offer, including debt, from investor Len Blavatnik. Blavatnik may be interested in EMI as well, Martin said this week.

Citigroup took over London-based EMI, the label of Katy Perry and Coldplay, in February after the record company failed to meet the terms of loans used to finance a 2007 takeover by investor Guy Hands.

Another option for Gores would be to reach out to other music companies on a joint offer, said the person.

Terry Fahn, an outside spokesman for Los Angeles-based Gores Group, declined to comment.

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Billionaire Alec Gores may offer to buy the British record company EMI Group after coming up short in last month s auction of Warner Music Group Corp., according to a person with knowledge of the situation.Gores may seek to partner with his brother, Tom, the billionaire...
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Wednesday, 22 Jun 2011 02:56 PM
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