PRINT THIS PAGE Providence Equity and Thomas H Lee bid $2.55bn for Time Warner’s music business20/11/2003. Source: AltAssets. 
 A private equity consortium, which includes Providence Equity Partners and Thomas H Lee Partners, has made an unexpectedly high bid of $2.55bn for Time Warner’s music operations. The offer includes provisions for Time Warner to retain a 20 per cent stake in the business.
Providence Equity and Thomas H Lee are competing against a number of other private equity firms including Bain Capital. They also face competition from trade buyer EMI, which is believed to have offered between $1.6bn and $1.7bn, according to the Financial Times.
Time Warner is under pressure to pare its $24bn debt burden and has already sold its CD and DVD manufacturing businesses. Time Warner is also looking to sell its recorded music division.
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