EMI Won't Pursue Its $4.6 Billion Bid For Warner Music

EMI WON'T PURSUE ITS $4.6 BILLION BID FOR WARNER MUSIC
[SOURCE: Wall Street Journal, AUTHOR: Ethan Smith ethan.smith@wsj.com]
EMI is expected to say today that it is no longer pursuing a $4.6 billion proposal to buy Warner Music Group Corp., according to people familiar with the matter, marking the latest failure in a years-long effort to link the two music giants. EMI and Warner, the world's third- and fourth-largest music companies by market share, had been locked in a battle to buy each other since May. Each company has floated two proposals to buy the other, but all four proposals have been rejected. Even after the last rejection by Warner, EMI had continued to insist that its offer was beneficial. The effective withdrawal comes on the heels of a ruling by a European Court that called into question the viability of another big music merger, that of Sony Corp.'s Sony Music and Bertelsmann AG's BMG, which in 2004 were joined to create Sony BMG Music Entertainment.
http://online.wsj.com/article/SB115395715020218462.html?mod=todays_us_pa...
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