Private equity firm KKR
The paper said KKR is interested in acquiring the music publishing arm of EMI, which it says bankers value at around 1.2 billion pounds ($1.82 billion), while Warner Music wants EMI's recorded music division, which it says is more difficult to value.
EMI is owned by private equity group Terra Firma Capital Partners Ltd
The report said KKR and Warner would be unlikely to make a move for EMI until the stand-off between the company and its lender had been resolved.
KKR, Warner Music and EMI were not immediately available for comment when contacted by Reuters.
(Reporting by Sarah Young)