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)