Bertelsmann plans to spend bout 500 million euros to take full control of BMG,
the
Financial Times
reported.
U.S. private equity group KKR currently owns 51% of the music venture.
Bertelsmann sold the original BMG, a music venture, to Universal Music. Later, it sold its 50% share in recorded-music group Sony BMG to Sony. In the Sony deal, Bertelsmann kept some music rights as a basis for a new BMG that would concentrate on managing artists’ rights, the
FT
report noted. KKR acquired its BMG stake in late 2009.
BMG teamed up with Sony in an effort to purchase the assets of EMI Music from Universal Music, but it lost out to Warner Music, the
FT
reported. (Source:
Financial Times,
Feb. 20, 2013.)
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