January 18, 2008

EMI, Warner submit Chrysalis bids

EMI, under its new owner Guy Hands, has tabled an indicative bid for British music firm Chrysalis, sources involved in the situation said on Friday. Hands faces competition as Chrysalis has also received indicative bids from several other groups including Warner Chappell, the music publishing unit of Warner Music, said the sources. Chrysalis sold its radio assets last year to focus on its music publishing and recording business and it said in December that it was in preliminary discussions with "select parties" which could lead to an offer. (Reuters)