Report: EMI, Warner Chappell bidding for independent UK label Chrysalis

01/18/2008 6:00 AM, AP


EMI Group, which recently outlined a painful restructuring plan, has made a bid for independent music label Chrysalis Group PLC, a newspaper reported Friday.

The report in The Times also said that Warner Chappell, the publishing arm of Warner Music Group Corp., had also made an offer.

It did not cite a source for the report, and officials at EMI, Warner Chappell and Chrysalis did not immediately return messages seeking comment.

Chrysalis, whose roster includes Blondie, David Bowie and Jethro Tull, dropped its book publishing business in 2005 and last year sold about a dozen digital and analog radio stations.

In December the group's board said it was considering selling its business or possibly making acquisitions. On Monday it said negotiations was negotiating with several parties and that a further announcement would be made "in due course."

Chrysalis shares were up 3 percent at $2 on the London Stock Exchange.