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Sony with BMG to bid on EMI assets

Published By United Press International
TOKYO, Jan. 7 (UPI) -- Japanese technology giant Sony is joining forces with BMG to bid on EMI assets owned by Universal Music Group, sources told The New York Times.

The Times reported Monday the two companies, which have a history together, are expected to bid on a share of Universal that regulator in Europe ordered the company to sell in order to maintain competition in the industry.

In 2012, Universal bought EMI for $1.9 billion. But regulators said the sale could only proceed if EMI was trimmed down in size.

Universal is expected to put assets valued at $650 million up for sale.

Sony and BMG merged in 2004, then spit in 2008. Sources said this time around the companies would stay independent, but divide up the EMI assets between themselves if their bid is successful.

Several other companies are expected to bid on EMI assets, including Warner Music Group and MacAndrews & Forbes, the Times said.
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Race winner Bradley Wiggins of Great Britain (C) stands between second place finisher Christopher Froome of Great Britain (L) and third place finisher Vincenzo Nibali of Italy on the presentation podium following the final stage of the Tour de France in Paris on July 22, 2012. Wiggins of Great Britain became that country's first ever overall winner of the Tour de France. UPI/David Silpa