The Washington Post has learned that Warner Music Group is participating in talks to acquire EMI’s recorded music business. Citigroup owns this specific portion of EMI and states that they are also negotiating with Ron Perelman, the owner of the makeup company Revlon. The goal of Warner Music Group is to combine with EMI and form a company that will effectively compete with the largest music groups: Universal and Sony Music Entertainment. Bloomberg News is reporting that Warner Music submitted a bid of around $2 billion. If the deal goes through, there could be some consolidation of resources between both groups. EMI is scheduled to begin negotiations this week.