EMI Group says it has been approached by a potential buyer. The announcement came after The Financial Times reported that the music company was in talks with private equity groups about potential bids. The private equity firms, which are believed to include Kohlberg Kravis Roberts and Goldman Sachs, are understood to have approached EMI following the collapse of its attempted merger with Warner Music Group and their failure to win the auction for BMG Music Publishing, says the Times.

EMI released a statement saying only, "EMI announces that it has, this morning (11/28), received a preliminary approach for the Company which may or may not lead to an offer being made for the Company. A further announcement will be made if required."

Shares of EMI reportedly jumped as much as 11 percent on Tuesday after it disclosed the approach from a potential buyer. KKR and Goldman Sachs could be exploring a potential bid in the neighborhood of £2.5 billion ($4.8 billion).