NEW YORK ( TheStreet) -- Warner Music ( WMG) has hired Goldman Sachs to seek out potential buyers for the company, one of the major four record companies, the New York Times reports.

The decision to hire Goldman came after several suitors, including buyout firm Kohlberg Kravis Roberts, approached Warner Music in recent months about buying the company, the Times reports, citing an executive briefed on the matter who spoke only anonymously.

One possible outcome of the auction is for Warner to sell not the entire company but only Warner/Chappell publishing arm, said a person with direct knowledge of the process, the Times reports.

A separate set of bankers within Goldman has been working on a potential acquisition of record company EMI by Warner, the Times reports. EMI has been struggling under a heavy debt load.

-- Written by Joseph Woelfel

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