Billboard has learned that former Bug Music CEO John Rudolph and Lava Records founder Jason Flom have partnered to throw their hat in the bidding ring for the EMI assets that Universal Music Group must sell as part of the terms of their acquisition of EMI. According to a source close to the pair, the two will likely make a bid when the auction begins. Sources say that UMG’s investment bankers are still collecting signatures for non-disclosure agreements and won’t have the data room ready for another week or two.
Per the terms of the European Commission agreement, the assets must be sold to a buyer with a track record in running a music company and experience in management. But some sources say there is wiggle room on whom the assets are sold to, pointing out that all a financial buyer has to do is hire a former label president and they will qualify.
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