The auction procedure for Bertelsmann's publishing company BMG Music Publishing has now entered a third phase as the deadline passed for preferred buyers to submit their firm bids.
In the end between 12 and 15 companies who expressed an interest in buying the music publishing house were invited to submit firm bids. Bertelsmann has not confirmed who those companies are, though according to Billboard it is thought final bidders include Viacom, Universal Music Group, Warner Music Group, EMI Group (backed by Kohlberg Kravis Roberts), Charles Koppelman (backed by GTCR Goldner Rauner), BC Partners (supported by former Sony/ATV Worldwide President Richard Rowe and former Sony Music UK Chairman Paul Russell); Apollo Management (supported by former BMG chief Strauss Zelnick) and a management buyout led by BMG chairman/CEO Nicholas Firth and backed by Bear Stearns. Sony Corp, Bertelsmann's partners in record company SonyBMG, have not bid.
Bertelsmann are now expected to take a few days to consider each firm bid before deciding on the final contenders, of which there may be up to three.