Fuller To Bid For EMI?

Simon Fuller is putting together a bid to buy 60 percent of EMI’s European businesses for £350 million ($562 million), according to The Independent.

The UK daily reckons Fuller, said to be worth £375 million, is in cahoots with Island Records founder Chris Blackwell and they’re eyeing the bits of EMI that the European regulators ordered to be sold off after the British record company was bought by the Universal Music for £1.2 billion ($1.9 billion).

 
They’re believed to be working alongside private financiers and a leading mobile telecommunications company.
If successful, the British entrepreneur responsible for“American Idol” will become the new owner of Parlophone, the EMI imprint home to Coldplay, Kylie Minogue, Blur and Tinie Tempah.
 
He would also take control of the valuable recording catalogues of Pink Floyd, Kate Bush and David Bowie, as well as record companies including Chrysalis and Mute (Depeche Mode) and 50 percent of the best-selling “Now! That’s What I Call Music” compilations. 
 
The Independent quoted a spokesman from Fuller’s 19 Entertainment saying the company would “always be interested in new opportunities in music as they arise.”
 
“With Simon’s track record over 25 years as Britains most successful music manager we hope his interest in EMI would carry the support of the industry,” he said.
 
Apart from masterminding The Spice Girls and turning “Pop Idol” into a $25 billion global brand, Fuller also advised Formula One racing driver Lewis Hamilton on his $100 million switch from McLaren to Mercedes.
 
His client list also includes David and Victoria Beckham and the Grand Slam-winning tennis star Andy Murray.
In 2005 and after 20 years heading the company, Fuller sold his 19 Entertainment to CKX Inc. in a deal worth more than $200 million.
 
The Independent also reckons Fuller plans to re-launch the threatened Now! compilations series as a weekly television and web show featuring stars such as Jay-Z and Madonna performing their latest hits, alongside a download chart rundown. 
 
He can expect competition for the EMI assets as Warner Music Group, Sony Music Entertainment and BMG Rights Management are also reportedly interested.
 
Lucian Grainge, British boss of Universal, has worked with Fuller on several projects including the pop band S Club 7.