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)