Bertelsmann, Europe’s biggest consumer media group, said that it would sell out of the music business if Sony, its joint-venture partner, was willing to offer a similar valuation to that paid by Guy Hands when he bought EMI for £2.1 billion last year. Thomas Rabe, the chief financial officer, said: “What we will do depends on price. Of course, the EMI price is a good price for a seller, but we would not be interested in selling if we were offered a figure based on the current valuation of Warner Music. The market is undervaluing music assets.” (Times Online, FMQB)
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