UMG Looks To Sell Off Three Music Catalogs
March 27, 2012 at 3:40 AM (PT)
As VIVENDI continues to make moves in anticipation of acquiring EMI MUSIC, their currently owned label, UNIVERSAL MUSIC GROUP is looking to spin off three music-publishing catalogs. BLOOMBERG.COM reports UMG has "hired BANK OF AMERICA MERRILL LYNCH to sell classical, Christian and German schlager catalogs. A sale may raise as much as $200 million," a source told BLOOMBERG.
Last week (NET NEWS 3/23), ALL ACCESS reported UNIVERSAL MUSIC GROUP was preparing to sell overseas assets, including various music catalogs and real-estate holdings, to help fund its $1.9 billion planned purchase of EMI's recorded music business.
"The music catalogs have drawn 12 bidders including KKR & CO.-controlled BMG RIGHTS MANAGEMENT," notes BLOOMBERG.