More EMI & WMG: Hands Won’t Give Up & Warner Racing to the Block

In his first public appearance since the turnover of EMI Music to Citigroup, Terra Firma‘s Guy Hands said he is considering buying EMI, according to a report in Bloomberg, but that it is a “question of price,” adding, “They are going to auction it, and we will see if they can get more for it than we offered.” Addressing the split of EMI’s two divisions, Hands declared, “You’ve really got to keep the two together so that you have the stability of publishing’s earnings versus the volatility of the recorded music division.” Following the bank’s takeover of the music company, much of the publicity has shifted to EMI CEO Roger Faxon, and his rumored stealth efforts to save the label, being credited with leading a behind the scenes effort without Hands’ knowledge. Others in the know share that the spin has been well orchestrated leading up to Citi taking control, to keep Faxon’s place at the table moving forward… Meanwhile, the New York Post reports that Warner Music Group is trying to beat Citigroup to the finish line, hoping to get a sale in place before EMI. Particularly in light of the presumed interest in selling off its publishing division Warner/Chappell before EMI Publishing, as it would be hard pressed to compete. Interested bidders named include Zomba founder Clive Calder, Russian investor Leonard Blavatnik, Universal Music, Sony Music, KKR and music publishing giant Imagem. While whether or not WMG backers Thomas H. Lee Partners, Bain Capital and Providence Equity Partners are looking to cash out or just unload WC is unclear, the article claims CEO Edgar Bronfman Jr. is anything but ready to get out of the music business.