More Terra Firma-Citigroup

WE’VE GOT ACTION: Look for something to go down next week in the Terra Firma-Citigroup standoff at the stated March 31 deadline that will trigger various interested buyers to come in and kick the tires on EMI Music. All three major label groups have expressed interest in parts or the whole of the company—aside from WMG, UMG and Sony are both monitoring the situation very closely. Also, don’t necessarily look for a licensing deal to go down, as reported by the Times of London. The monies being bandied about for that will not begin to offset Terra Firma’s debt, with the $190 million due at the end of this month just the tip of the iceberg. Sources close to the situation predict there will be entities other than the other big record groups who will also be intrigued, including private equity companies, banks and independent investors, etc. (3/26p)