Spice Girls Marrying Stones?

04/22/1998 3:00 AM, Yahoo! Music
Bruce Haring

(4/22/98) - Rumors are heating up once again that EMI Music, the home of the Spice Girls, Rolling Stones and Beatles, may be sold.

Reports indicate Canada's Seagram Co. Ltd., which owns Universal Music Group (Jimi Hendrix, Erykah Badu and Chumbawamba are among its possessions) has met with the EMI Group to discuss buying the British music giant. Seagram reportedly looked at EMI two years ago but speculation of a possible buyout drove the stock higher, boosting EMI's value to more than $9 billion, which was considered too lofty a price.

However, EMI's stock has dropped 33% over the last year, most of it due to management turmoil and the music industry's sales slump. Analysts said a reduction in the stock price of EMI puts its value closer to $7 billion now.