Webber 'in $1 billion music bid'

Lord Lloyd-Webber is said to be seriously interested in Warner Chappell

Composer Andrew Lloyd Webber is set to make a bid for Warner Chappell, the music publishing business of Time Warner, the Guardian newspaper says.

"Andrew is seriously interested," said Webber's spokesman. "He is confident he can get a consortium together."

On Monday Time Warner announced it was selling its Warner Music business to a group led by Canadian media mogul Edgar Bronfman Jr for $2.6 billion (£1.5bn).

The Guardian estimates the value of Warner Chappell at around $1bn (£584m).

Lloyd Webber's spokesman said the Warner Chappell business would have "fantastic synergies" with the peer's other interests, namely the Really Useful group.

This owns the rights to musicals such as Cats, Jesus Christ Superstar and the Phantom Of The Opera.

Competition

Warner Music's repertoire currently includes Madonna, REM and Led Zeppelin.

The group led by Mr Bronfman beat out an estimated $1bn bid by EMI Group Plc for the recorded music part of the business.

Lord Lloyd-Webber may face competition from other parties interested in dividing the Warner Chappell business.

Private equity companies who have backed Mr Bronfman - Thomas H Lee and Bain Capital - could bid for part or all of the business, reports The Guardian.

Mr Bronfman has so far made no comment on whether he would be prepared to sell all or part of the business.