Blavatnik Said to Pull EMI Bid After Failing to Reach Terms

Warner Music Group owner Len Blavatnik withdrew his bid for EMI Group’s recorded music business after failing to agree on a price with owner Citigroup Inc., two people with knowledge of the situation said.

Warner Music offered about $1.5 billion, less than the $1.7 billion sought by Citigroup, said the people, who requested anonymity because the talks are private.