Warner Music, BMG/KKR in lead for EMI assets

Len Blavatnik's Warner Music Group and KKR-backed BMG Music are in the lead to win the auction for the recording and music publishing assets of EMI Group from Citigroup Inc., Reuters reported Thursday. Blavatnik appeares close to clenching a $1.5 billion deal for EMI's labels, which include Capitol and Virgin, two people told Reuters. Vivendi's Universal Music Group, the world largest music company, reportedly dropped out of the running for EMI's record label assets. Citigroup seized control of EMI in February after its previous private equity owner, Terra Firma, defaulted on a loan.

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