Equity stake in new venture among exec's options.
EMI Group is offering a joint venture opportunity to EMI Music Publishing chairman Marty Bandier, who officially tendered his resignation this morning (Oct. 30), Billboard.biz has learned.
During a meeting in New York City of EMI Music Publishing worldwide managing directors and other executives -- still in progress -- Bandier announced his resignation. He also told the group that he is considering offers from "the usual suspects" as well as "unusual" ones, according to a source in the room.
Among them is one from EMI Group chairman Eric Nicoli, who initiated discussions with Bandier to form a publishing joint venture. Bandier said he would have an equity stake, according to the source. The venture would be under the EMI Group umbrella, but separate from EMI Music Publishing. EMI Music Publishing co-CEO Roger Faxon confirmed the joint venture discussion to the group.
After Bandier spoke to the group, telling them how great it has been to be a part of EMI, Bandier received a standing ovation.
Bandier tells Billboard.biz that he needs some time to consider various opportunities that have been presented to him. He declined to discuss any specifics. Talks between Bandier and Warner Music Group chairman Edgar Bronfman Jr. are still ongoing, says a source close to the discussions.
EMI Group declined to comment at this time.