(UPDATED) Warner Music Group is in talks with private equity group KKR to launch a bid for to buy portions of EMI. The two have met to structure a deal if the music group is put up for sale in the coming months, according to reports. EMI is under an end of March deadline to offer a restructuring plan or lender Citigroup may take over.

KKR is said to be most interested in EMI's profitable publishing arm, and WMG has coveted the recorded music division for nearly a decade. Observers put the value of EMI Music Publishing at £1.2B ($1.8B US), but a sale price for the rest of EMI's assets is much tougher to calculate.  Recorded music accounted for 55% of EMI’s £293M ($4.4M US) earnings last year before restructuring costs, but declining sales and a discontent roster of artists leave observers wondering how much the company will be worth in the future.