German media company Bertelsmann AG and New York private equity firm KKR & Co. are partners in a potential $3 billion bid to acquire Warner Music Group Corp., sources told a German newspaper.

Warner Music, which is based in New York City but has significant operations in Burbank, is drawing interest because of its music publishing business. Its Warner/Chappell Music Inc. unit in West Los Angeles is one of world’s largest music-publishing companies.

The parties, according to the story in Handelsblatt, a Dusseldorf newspaper, are scheduled to meet in New York to continue discussions, with Goldman Sachs Group as their adviser. The story cited unidentified participants close to the process who said Bertelsmann was ready to pay between $2.5 billion and $3 billion for Warner.

Bertelsmann and KKR already are partners in another music publishing venture, BMG Rights Management. The story said that if the deal goes through, the new ownership would likely divest some of Warner Music’s other assets. The company’s record labels have signed artists such as Madonna, Eric Clapton and Linkin Park.

Warner Music shares closed down 4 cents, or less than a percent, to $6.54 on the New York Stock Exchange.