Sony/ATV Said to Submit Takeover Offer for Warner Music

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Offline Tink.I.Am

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Sony/ATV Said to Submit Takeover Offer for Warner Music


(Updates with today's share price in fifth paragraph.)

May 3 (Bloomberg) -- Sony/ATV Music Publishing LLC, owned by Sony Corp. and Michael Jackson's estate, submitted a bid for Warner Music Group Corp. ahead of yesterday's deadline, two people with knowledge of the auction said.

Sony/ATV is working with billionaire Ronald Perelman and Guggenheim Partners LLC, said the people, who weren't authorized to talk publicly. Warner Music yesterday called a board meeting with the aim of picking a buyer in 48 hours.

Sony/ATV's entry increases the number of known bidders to three after billionaire investor Ron Burkle decided to walk away last week. Len Blavatnik, a former Warner Music director, and brothers Tom and Alec Gores also submitted bids ahead of the deadline, people familiar with the offers said yesterday.

Will Tanous, a spokesman for New York-based Warner Music, and Liz Young, a spokeswoman for Sony Music in New York, had no comment. Christine Taylor, a spokeswoman for Perelman's MacAndrews & Forbes in New York, didn't immediately respond to requests for comment. Jeffrey Kelley, a spokesman for Guggenheim in Chicago, couldn't be reached immediately.

Warner Music, which began seeking offers in January, fell 8 cents to $7.33 at 1:44 p.m. in New York Stock Exchange composite trading. The stock had climbed 31 percent this year before today.

The record company, home to artists including Cee Lo Green and the Black Keys, has long-term debt of $1.94 billion, according to company filings.

Eight of Warner Music's 13 directors are executives of Thomas H. Lee Partners LP and Bain Capital LLC, two Boston-based private-equity firms that together hold 51 percent of the company's shares, according to data compiled by Bloomberg. Providence Equity Partners owns 8.3 percent and Chairman and Chief Executive Officer Edgar Bronfman Jr. owns about 7 percent.



Read more: http://www.sfgate.com/cgi-bin/article.c ... z1LJbVzz4l
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Offline Aintnosunshine

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Oh well, will the "national music heritage" (over 700 000 song`s publishing rights including not only Beatles` and Elvis`  but also a lot of country songs) finally go back to "real America"?  

No offence intended! But don`t we all know about the "buy american-campaign" and "Japanese (=Sony) bashing" and racism against "blacks" (even though artists)?

Just my thoughts.
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Offline peacock7

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Quote from: "Aintnosunshine"
Oh well, will the "national music heritage" (over 700 000 song`s publishing rights including not only Beatles` and Elvis`  but also a lot of country songs) finally go back to "real America"?  

No offence intended! But don`t we all know about the "buy american-campaign" and "Japanese (=Sony) bashing" and racism against "blacks" (even though artists)?

Just my thoughts.

May I ask what you are talking about?  MJ is alive and kicking, and he's not letting a soul get their sticky little hands on none of his works.  I believe that MJ is trying for a bid (Takeover) in this area.  And no, not all Japanese hate blacks.  They love MJ, and my neighbor across the street (72 or so year old woman) is a sweet as can be.  I had a Japanese best friend on a military base at one time and her mother loved me, so I don't get what you mean.

MJ IS AT THE HEAD OF HIS ESTATE.  You can believe that.  Many of us know that he is about trying to take some things over in order to make them better, and with MJ at the helm - hope springs eternal.  I mean no harm, and I'm sure Branca and McClain are very intelligent people, but there is only one MJ, and he is BRILLIANT.  Can't no one touch him on this earth, IMO.  There probably are people just as brilliant, but because MJ's brilliance was bestowed upon him by God, no one's brilliance could ever match MJ's, because he just is one of a kind.  GAME OVER!

Thanks for the article Tink.I.Am.
« Last Edit: December 31, 1969, 07:00:00 PM by Guest »

Offline Aintnosunshine

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Excuse me, please, but how old are xou?

I am not referring to Japanese people being racists.

It`s about american entertainment business being not fond of Japanese companies (SONY!) buying "american" - or may I say "white american"? - entertainment assets in the late 80s (it`s said Sony was buying CBS just because of  MJ was signed there and eventually they managed  to get hold on a major part of american musical heritage --- when Michael emerged his ATV catalogue with them in the mid 90s).

It seems that there were people who tried to prevent this from happening  ...  and when it finally did  --- puffffff, MJ got into trouble.
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Offline VeryLittleSusie

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Do you remember???  afraid/
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Offline Aintnosunshine

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Actually, I don`t. What do you mean, VeryLittleSusie?
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Offline voiceforthesilent

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Quote from: "Aintnosunshine"
Actually, I don`t. What do you mean, VeryLittleSusie?

That note on VeryLittleSusie's post is supposedly one that Michael had written not long before his "death". If you look at the note it has "Warner" on the list of To-Do's....one can surmise from there. The note was made public when it went up for auction.

I was also confused by your first post too and I'm #$# years old :)  Please understand that sometimes words are interpreted differently than the writer intends but that doesn't mean either side is wrong.

Your second post indicated that it's not Sony who caused Michael problems...is that correct? If that is correct, then who are the people who tried to intervene from Michael joining forces with Sony? Or, am I misunderstanding you? Thanks!

Blessings
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Offline Aintnosunshine

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Thanks, Voiceforthesilence  :-)

Since I used to live and work in the US (Washington, D. C)  back in 1988 I remember the signs and ads "Buy American!" almost everywhere back then.

And when I went to California several times I remember people (and yes, very well established people)  over there were unisono  telling me two things:

1. "THE JAPANESE" are "buying out Hollywood and the whole entertaiment industry (THEE american heritage)

2. "this black guy" (!) just bought a huge property in Santa Ynes valley ( an almost "pure white" commuity)--- where they did not like "this childish pop star" at all.
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MJhasSpoken

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Sony/ATV Said to Submit Takeover Offer for Warner Music

It is indeed a TAKEOVER
« Last Edit: December 31, 1969, 07:00:00 PM by Guest »