Sony, BMG in joint bid for Parlophone, EMI labels - FT
TOKYO (Reuters) - Sony Corp is joining with BMG to bid for Parlophone and other EMI labels on sale by Universal Music, reuniting Sony and Bertelsmann four years after they ended their music joint venture, the Financial Times said on Monday.
Vivendi-owned Universal is being forced to sell Parlophone - EMI's oldest active label with artists including Coldplay and Pet Shop Boys - to satisfy regulators' concerns about its $1.9 billion purchase of EMI's recorded music business.
Sony and BMG, a music rights management group owned by Bertelsmann and private equity group KKR, will make a joint bid for Parlophone and other assets, the FT said. The two plan to split the assets and will not form another joint venture, it said.
Sony declined to comment. BMG could not be immediately reached for comment.
Other bidders for the EMI labels on sale include Warner Music and Ronald Perelman's investment company MacAndrews & Forbes, the FT has said.