Citigroup is hoping to make sweet music today with Vivendi’s Universal Music Group.
Jilted in an attempt to sell its EMI’s record music operation to Warner Music Group owner Len Blavatnik, who broke off negotiations more than a week ago when the billionaire refused to sweeten his $1.5 billion offer, Citi is now hoping to entice WMG’s rival to make a deal.
The two sides are expected to meet today. But, sources said, the song might remain the same for Citi — Universal’s last bid of $1.2 billion is unlikely to move upwards.
Maybe Citi, which took ownership of EMI when Guy Hands’ private-equity firm Terra Firma defaulted on its loans, is trying to make Blavatnik jealous.
Citi is now under pressure to get the company off its hands. The bank doesn’t want to be a long-term holder of the iconic UK music label that houses acts such as The Beatles and Coldplay.
EMI carries $1.9 billion in debt. Citi is also set on splitting the company in two — recorded music and publishing.
Citi has an offer from KKR-backed BMG Rights for EMI’s publishing unit while Sony Corp. is waiting in the wings.
One source close to talks said: “Is it possible Citi will change their minds and say, ‘We’ll take the bid’? Sure, but it’s $400 million lower than Blavatnik’s.”
Citi declined comment on any possible meeting with Universal.
catkinson@nypost.com