Goldman Sachs has been hitred by media investment bank Allen Co. and hedge fund Och-Ziff to try to fetch $500 million for the Nashville-based company, according to the New York Post.
A previous auction which sought $700 million failed, in part because of the limited number of buyers available. Publishers and records labels, for example are unlikely bidders. “Because of the needs of performing-rights organizations to be deemed independent, it is more challenging to sell… because of the concern of losing the ‘Switzerland’ status,” according Lisbeth Barron, a managing director at investment bank Berenson Co.
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