Len Blavatnik, whose Access Industries bought Warner Music Group earlier this year, has pulled his $1.5 billion bid for the recorded music division of EMI, according to The Financial Times. Vivendi Universal reportedly dropped out last week leaving seller Citigroup hoping that both moves were just high stakes negotiating ploys.
Publishing Sale Update
Insiders don't rule out Blavatnik returning to the table, as he did after a similar threat three weeks ago. Citi is also said to be considering a delay in the sale in hopes that an improved economy could bring a higher price.