The sale of EMI hangs in the balance after frontrunner Warner Music withdrew a bid for the British company's recorded music division understood to have come in at under $1.5bn (£1bn), short of the price tag that owner Citigroup had been seeking.
Warner Music, which was acquired by Len Blavatnik's Access Industries for $3.3bn in May, is the frontrunner to buy EMI's recorded music division and the company had been reported as tabling a $1.5bn bid.
However, it is thought that Warner's offer is in fact below this level, far less than Citigroup had been hoping for when it originally targeted making $4bn from selling the whole of EMI, the record company behind the Beatles and Tinie Tempah.
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