Hands bids for Chrysalis as he faces the music at EMI

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Chrysalis could be valued at more than £150 million. If Hands pulls it off, the deal could give him extra muscle as he struggles with a roster of rebellious artists opposed to his plans for EMI.

Hands' private-equity group Terra Firma paid £3.2 billion for EMI but has faced revolt by artists including Paul McCartney and Radiohead.

The Rolling Stones, who have also slammed Hands' plans, have signed an album deal with EMI rival Universal.

Today it emerged that EMI has made an indicative bid for Chrysalis following an earlier announcement that its founder Chris Wright was considering a sale.

Wright and Terry Ellis set up Chrysalis in 1969. The Chrysalis Records label was sold to EMI in 1991 but the group kept its music publishing business with a huge catalogue of artists as diverse as David Bowie, Blondie, Madonna, Blue, Jennifer Lopez, Eminem, Michael Jackson and Marilyn Manson.

Wright said in November he was sitting on "a jewel of a business" and is believed to have had other offers. Sony/ATV, Apollo Management, and music publishers Primary Wave and Cherry Lane are said to be interested.

As well as the publishing business, Chrysalis also has a struggling CD distribution arm called Lasgo. It sold its radio business to Global Radio for £170 million in July and the group has said it expects to return £96.5 million to shareholders.

Hands announced this week that he is cutting nearly a third of the firm's 6000-strong workforce.