EMI Close to Raising $1-Billion for Bid for Warner Music
London -- EMI, the world's third-largest music group, is close to lining up commitments from investment banks for up to $1 billion to fund its bid for Warner Music, the fourth-largest music group, Reuters reported on Thursday. The banks involved are Citigroup, Goldman Sachs, UBS and Royal Bank of Scotland. Meanwhile, Sony Music and Bertelsmann's BMG, the second- and fifth-largest record companies, respectively, announced on Thursday plans to merge. If EMI does buy Warner Music, it will create a global music giant second only to Universal Music.
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