Sony secures Abu Dhabi funds for EMI bid - FT.com

Sony has secured financing from Abu Dhabi’s investment fund for EMI as second-round bids for the UK music company came in before a deadline last night, people close to Citibank’s $3.5bn-$4bn auction said.

Financial support from Mubadala, the Abu Dhabi investment fund, and Raine, the media investment bank, backed by Hollywood talent agent Ari Emanuel, could put Sony on a more equal footing with bidders including BMG Music Publishing, Ronald Perelman’s MacAndrews & Forbes group, Universal Music and Len Blavatnik’s Warner Music.

The Japanese electronics group reached the last stage of this year’s auction for Warner Music, but lost to Mr Blavatnik’s Access Industries as it struggled to lock down approval from its board in Tokyo and the estate of Michael Jackson, its partner in the Sony ATV music publishing joint venture.

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