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Apple in Talks to Buy Universal Music | |
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| Time: 17:24 EST/22:24 GMT | News Source: Reuters | Posted By: Todd Richardson | ||
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Apple Computer Inc. is in talks to buy the world's largest record company, Universal Music Group, a source close to the matter said Friday, in a deal that could transform the music industry. The purchase would also reinvent Apple, which is suffering from weak computer demand, new markets for its PCs, software and the iPod digital music player, analysts said.
But the news did raise doubts among Apple shareholders, many of whom had bought the stock because of its cash cushion. Apple shares fell over nine percent in afternoon trading on Nasdaq.
Vivendi for its part would be able to cut its debt and regain investor credibility by selling assets, including its U.S. entertainment assets, known collectively as Vivendi Universal Entertainment.
The Los Angeles Times first reported the talks in an article on Friday that said Apple could offer $5 billion to $6 billion and make a formal bid for Universal Music, which is home to artists like Jay-Z, U2 and Lucinda Williams, before Vivendi's April 29 board meeting. | ||
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