Add FT on EMI bids

THE USUAL SUSPECTS, UNUSUAL TIMES: The level of interest and availability of financing for the Warner Music sale bodes well for EMI’s auction, some industry advisers told FT’s Andrew Edgecliffe-Johnson and Helen Thomas. But they added the caveat that the Warner deal was signed before escalating fears over European debt and the U.S. deficit-reduction crisis. The story said early bidders included, as expected, Sony, UMG, WMG, BMG Rights Management, the Gores brothers and Ron Perelman. BMG and Sony are widely believed to be focused on publishing, while Warner would likely go for the whole enchilada. Analysts believe that top dogs UMG and Sony would face tough regulatory scrutiny unless they offered substantial divestments. Citi is expected to go back to the preliminary bidders this week, beginning a process of due diligence that could change their calculations on the valuations of EMI assets. Those in the hunt expect the bank to ask for second-round bids by the middle of September. (8/4a)