Skip to main content



) -- Billionaire buyout investor Ronald Perelman is vying with four of the world's largest music companies for control of


, the U.K. music company,

The Financial Times


The deadline for second-round bids for EMI is this week.


(C) - Get Citigroup Inc. Report

seized EMI in February from private-equity company Terra Firma.

The bank could get offers on Wednesday in the $1.1 billion to $1.5 billion range for EMI's recorded music business and $2 billion to $2.5 billion for its publishing arm, people involved in the auction told the

Financial Times

TheStreet Recommends


Citigroup is expected to name within two weeks a winner of the bidding, but could hold onto EMI if the offers are disappointing, the newspaper said.

Two people involved in the auction said

Warner Music

(WMG) - Get Warner Music Group Report

, bought for $3.3 billion in May by Len Blavatnik's Access Industries, had yet to decide whether to bid for the whole company, or only EMI's recorded music division.

Perelman's MacAndrews & Forbes is understood to be most interested in EMI's recorded music business, the newspaper said. He could look for a bidding partner interested in publishing, said two people close to the auction, or seek a distribution deal with a larger music company if it wins control of EMI Music.

-- Written by Joseph Woelfel

>To contact the writer of this article, click here:

Joseph Woelfel

>To submit a news tip, send an email to: