Shares in Warner Music Group Corp. jumped for the second-straight day after upgrades by two investment firms and continuing rumors of a buyout of rival EMI Group plc. continued to push the stock up.
Banc of America Securities and Los Angeles-based Soleil Securities raised their ratings from "neutral" to "buy."
Though Warner has not made an official bid, EMI admitted that Warner has approached the company about a possible buyout. Warner added in a filing Wednesday that if it were to make an offer it would be in cash.
A merger between the two record giants would give the combined company control of about 25 percent of the global recorded music industry, second only to Vivendi SA's Universal Music.
Shares in the New York-based record label, which has significant Burbank operations, climbed 81 cents to $19.96 Wednesday after gaining 5.7 percent Tuesday.
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