This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.
Business News Labels & Publishers
BMG gets 400 million to fund further acquisitions
By CMU Editorial | Published on Wednesday 1 September 2010
The already rather acquisitive BMG Rights Management will get 200 million euros from each of its owners – Bertelsmann and KKR – to spend on yet more acquisitions. So, that’s 400 million euros to spend. Which is nice.
The new cash injection was announced at a Bertelsmann press conference, where the former owners of the BMG record company denied rumours they were looking to scale back their stake in the all new BMG music rights company. According to Billboard, the media conglom’s CFO Thomas Rabe told reporters: “BMG is performing even more favourably than we had expected. I can truly say that we are highly satisfied with the chart performances of our artists and songwriters, especially in the United States”.
Asked about ongoing rumours that BMG and/or its equity group co-owners KKR had their eyes on EMI’s music publishing division, Rabe also told Billboard: “If EMI enters the market in whatever form, we will consider such an option. BMG is currently in an expansionary phase and has plentiful equity resources. For this reason, it is always a potential buyer of businesses”. So, there you go.
