* Warner seeking potential buyers -source
* Goldman Sachs advising on process - source
(Adds background about Warner, EMI)
NEW YORK Jan 20 Warner Music Group WMG.N,
the world's No. 3 music company, is looking for potential
buyers and Goldman Sachs (GS.N) is advising on the process, a
source familiar with the matter said on Thursday.
Some parties have expressed interest in the music group,
said the source, who asked not to be named because the process
is not public.
Earlier on Thursday, the New York Times reported that the
decision to hire Goldman came after a number of potential
buyers, including private equity firm Kohlberg Kravis Roberts
(KKR.N) approached Warner Music's management to express
interest in acquiring the company.
Goldman Sachs and Warner Music declined to comment.
Warner has long been speculated to be the natural partner
for British record firm EMI's recording assets.
EMI, owned by Terra Firma, is struggling under a mountain
of debt after being bought in a 4 billion pound ($6.2 billion)
buyout in 2007 by the British private equity firm.
The New York Times reported that a separate set of bankers
in Goldman has been working on a potential acquisition of EMI
Warner in November posted a wider quarterly loss as revenue
growth in Britain and Italy was offset by weakness in the
United States, Japan and the rest of Europe, sending its shares
down 8 percent.
Chief Executive Edgar Bronfman said at the time that
despite the challenges he remains confident that the music
industry will turn the corner and soon start to benefit from
years of restructuring and cost-cutting.
The company is home to recording legends such as Ray
Charles, Fleetwood Mac and The Bee Gees and current stars like
Green Day and Death Cab for Cutie.
(Reporting by Yinka Adegoke; additional reporting and
writing by Megan Davies; Editing by Bernard Orr)