Report: Bertelsmann Set To Buy Partner Out BMG Rights Partner
February 20, 2013 at 4:57 AM (PT)
THE NEW YORK POST reports, "German media behemoth BERTELSMANN is in advanced talks to buy out KKR's majority stake in their joint music venture, BMG RIGHTS. The partners have been talking for close to a year about KKR exiting the venture. The buyout shop has a 51% stake, while BERTELSMANN holds 49%."
The report says the deal is "imminent."
"They are very close to something with KKR, and the relationship is amicable," a source told THE POST. "They will exit at a good multiple."