EMI favourite to buy Chrysalis as Warner drops out of race

EMI last night edged closer to winning the auction for Chrysalis, one of Britain’s last big independent music groups, as it emerged that rival Warner Music had been sidelined. EMI’s bid for Chrysalis, first revealed by The Times, surprised the industry, as it came at a time of a restructuring and cost cuts. The auction is expected to see Chrysalis, including the independent Bug Music label, valued at about £170 million. (Times Online)

Chrysalis auction narrowed down to last four

Four bidders will enter the final phase of an auction for Chrysalis’s music publishing catalogue, according to people familiar with the process. The company is valued by analysts at between £160m and £170m ($310m-$330m). The bidders for Chrysalis Music – a catalogue that contains David Bowie and Ray LaMontagne – include EMI, Warner Chappell and Bug Music, a US minor label supported by Spectrum Equity Investors. (Financial Times)

Chrysalis sets premium benchmark for bidders

A deadline for second-round bids on the music publishing arm of Chrysalis closed last night with EMI, Warner Chappell and Sony ATV among those involved, and the price said to be about £170m. Analysts said Chrysalis was demanding a premium price for a catalogue including artists such as David Bowie, Blondie and Gnarls Barkley. It is understood that Chris Wright, chairman, founder and largest shareholder in Chrysalis, and the company's managers were "underwhelmed" by offers in the first round of bidding about Christmas time. (Financial Times)

Guy Hands joins music industry rivals in bid battle for Chrysalis

Guy Hands, the chairman of EMI, is planning to make a second-round bid for Chrysalis by today's deadline. Others considering second-round bids for Chrysalis, which owns the music publishing rights to artists such as Blondie and much of David Bowie's early work, include Warner Chappell and Sony ATV. (Times Online, Reuters)

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)