The EMI sale is turning into a real New York street fight. The storied music label, home to David Bowie, Coldplay, Katy Perry and scores of other artists, is expected to be sold by owner Citigroup by the end of the week, with Access Industries’ billionaire Len Blavatnik, who recently purchased rival Warner Music Group, battling it out with Revlon magnate Ron Perelman.
It’s Blavatnik’s to lose,” said one source, who added that Citi is spending its energies on the Blavatnik camp, which would merge EMI’s label with Warner Music. Blavatnik will have to fend off a strong counterplay from Perelman, the 68-year-old New York City billionaire who is said to be desperate to own the recorded music business.
Grabbing hold of EMI’s recorded music business would place Perelman among the entertainment firmament. A win by the chairman of MacAndrews & Forbes Worldwide, Perelman’s holding company, would mean a second jump ball for the label, this time over who would snag distribution rights.
Meanwhile, the KKR-Bertelsmann-owned joint venture, BMG Rights Management, is widely expected to snag the publishing side of EMI….
Read more: http://www.nypost.com/p/news/business/billionaires_feud_over_emi_label_Gi68aV8Eebrb0XBWcUArLN#ixzz1buR0M67s
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