BMG Music Publishing Attracting Tire Kickers
June 21, 2006 at 8:50 AM (PT)
The "For Sale" sign on BMG MUSIC PUBLISHING has attracted fifteen suitors, including the four major music groups and a number of private equity firms, according to REUTERS.
BERTELSMANN is selling its music publishing arm to finance a buy back from GROUPE BRUXELLES LAMBERT, which owned 25% of the company. Industry execs expect that the entity will be sold for at least 1.5 billion euros, or $1.89 billion.
BERTELSMANN AG CEO GUNTER also told REUTERS that there are no plans to restructure SONY BMG, his company's joint venture with partner SONY CORPORATION, despite recent rumors. "We want to stay in SONY BMG," he said.