WMG In Third Round Of Bids, Shares Up 3.4 Percent

WMG In Third Round Of Bids, Shares Up 3.4 Percent

WMG In Third Round Of Bids, Shares Up 3.4 Percent
According to a Billboard.biz report, three companies are left in the running to purchase Warner Music Group in its entirety, and bidders only interested in purchasing the recorded music unit, including Live Nation Entertainment and Ronald Perelman's MacAndrews & Forbes Holdings Inc., have been eliminated. WMG's Board of Directors has also eliminated bidders vying for the company's Warner/Chappell publishing division, including Oaktree Capital Management and Primary Wave. Details on the final three bidders were not disclosed, but those who remain in the running include Access Industries, BMG Rights Management/Kohlberg Kravis & Roberts, Platinum Equity, Sony Music Entertainment, Tamares, and the Yucaipa Companies. Shares of Warner Music Group rose 3.4 percent on April 13 to $7.61, and shares over the last three weeks have increased 40 percent on news a sale may be imminent, according to Billboard.biz. (4/14)

GRAMMY Winners Lead Billboard Music Awards Nominations
Nominations for the 2011 Billboard Music Awards were announced April 13 with GRAMMY winner Rihanna in the lead with nominations in 18 categories, including Top Artist, Top Hot 100 Artist and Top Female Artist, followed by Eminem with 16 nominations, including Top Billboard 200 Artist, Top Artist, Top Male Artist, and Top Hot 100 Song for "Love The Way You Lie" featuring Rihanna. Other artists receiving nods include Justin Bieber, Lady Antebellum, Lady Gaga, Bruno Mars, and Katy Perry, among others. The awards will take place May 22 in Las Vegas. In related news, GRAMMY and Latin GRAMMY winner Gloria Estefan will be honored with the Spirit of Hope Award in honor of her philanthropic work, and GRAMMY-nominated artist Emmanuel will receive the Billboard Lifetime Achievement Award at the 2011 Billboard Latin Music Awards on April 28 in Miami. (4/14)

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