NEW YORK, Oct. 13 (UPI) -- AOL Time Warner is taking bids for its Warner Music division although talks are already underway with EMI Group.
The media company has had some informal contact with several parties interested in buying Warner Music, including financier Nelson Peltz and Edgar Bronfman Jr., according to people familiar with the situation, the Wall Street Journal reported.
While the recording business has been a core division of AOL Time Warner and provided a large chunk of its earnings, falling music sales may change that.
AOL Chairman Richard Parsons has said music manufacturing and possibly music publishing could be sold, at a deal some have estimated could top $2 billion.
EMI has offered $1 billion in cash for the recorded music operation and a stake of roughly 20 percent to 25 percent of the company formed by the deal, people familiar with the negotiations told the Journal.
