New Warner bidder revealed

Private investment group Tamares has been revealed as the latest company through to the second round of bidding for Warner Music Group as BMG Rights Management revises the terms of its first bid.

The company, which has assets in property and digital media, has reportedly placed a bid for the whole of the company according to people familiar with the bidding process. It declined to comment.

Meanwhile, having been told that an earlier bid for just Warner’s publishing arm, Warner/Chappell was too low, BMG is understood to have presented Goldman Sachs, Warner’s sale advisor, $2.8bn for the entire company. The publisher also declined to comment.

The second round of bidding for the music group is expected to be finished before Easter and includes competition from Platinum Equity, Access Industries – which already owns a 2% share of the company, Yucaipa Companies, Guggenheim Partners and Sony Music Group.

Bidders have begun to receive presentations from Warner’s management led by CEO Edgar Bronfman. It is unclear whether or not the company will be sold off as a whole, or if Bronfman will choose to simply sell off Warner/Chappell so it can place a bid for EMI.

 
Source: Music week