Another potential buyer emerged for Warner Music Group yesterday as the bidding for the beleaguered company draws to a close, The Post has learned.
Oaktree Capital Management and publishing company Primary Wave have submitted a joint bid for Warner Music’s publishing arm valued at around $1.5 billion, according to sources.
Oaktree, which specializes in companies with distressed debt, and Primary Wave join a handful of potential buyers that are known to have submitted firm bids for Warner.
Among the others are: Ron Burkle’s Yucaipa Cos., which has reportedly made a bid in excess of $3 billion for the whole company; Ron Perelman’s McAndrews and Forbes; and Sony Corp. None of the companies would confirm their bids.
Oaktree and Primary Wave, a New York company that specializes in branding and marketing publishing assets, are also eyeing EMI, the iconic British music label that is expected to go on the block after lender Citigroup took control.
Warner Music’s board is expected to meet next week to go over the bids. Warner’s private-equity backers, namely THL Partners, have discussed the possibility of selling parts or all of the company.
Other potential buyers that have expressed interest include: concert promoter Live Nation, KKR’s BMG Rights Management; and Guggenheim Partners, which is working with Evergreen publishing’s David Schulhof; Permira; Platinum Equity; Tamares Group; and Access Industries.