More from the merger and acquisitions file, and the Times is reporting that EMI is now favourite to gain ownership of Chrysalis.
As previously reported, Chrysalis, having sold off its radio business to Global Radio, recently accepted bids for its music assets, of which its music publishing catalogue is most valuable. Both EMI and Warner are known to have bid, keen to merge the Chrysalis catalogue into their own publishing divisions. Some private equity types are also thought to be bidding. At first the company's founder and principle shareholder, Chris Wright, indicated that he would only sell if the right deal came along and didn't seem to be in any rush to sell - though more recently insiders have suggested he is now keen to get a move on with any deal in a bid to avoid changes in capital gains taxes that come in force in April and which would reduce his personal profit from any sale.
EMI's chances of getting Chrysalis seem to have increased because, according to The Times, Warner's bid has been "sidelined". Quite what that means I'm not sure - though perhaps it means Warner's takeover proposal has been dropped from Chrysalis' shortlist which would mean that EMI would be the only bid from an existing music company still on the table (SonyATV, the other music publisher expected to bid for Chrysalis, didn't in the end). Either way, insiders are calling EMI a "strong contender" in relation to the Chrysalis sale.
Of course if EMI are successful with their bid it will bring Chrysalis publishing back into the same ownership as the Chrysalis record label, that was acquired by the major way back in 1991 (not that EMI really use the Chrysalis Records name all that much any more).