Warner Music Group has enlisted Goldman Sachs Group to seek buyers for part or all of its business, a process that could lead to the sale or breakup of the world's third-largest music company, according to two people familiar with the matter, even as the company pursues an acquisition of competitor EMI Group.

The transactions being explored by Goldman might not necessarily result in a sale of the entire Warner Music Group, these people said. Instead, they could involve a sale of just Warner's music-publishing arm. And at least some potential buyers have proposed buying just parts of Warner's recorded-music operation, which includes the Atlantic and Warner Bros. record labels.