Bertelsmann AG Sets $5.7 Billion Buyback
July 5, 2006 at 11:19 AM (PT)
After announcing in MAY that it intended to buy back GROUPE BRUXELLES LAMBERT's 25.1% interest in company in order to remain a private entity, BERTELSMANN AG agreed to a $5.7 billion deal. To finance the deal BERTELSMANN is selling its BMG MUSIC PUBLISHING business. It's expected to net at least $1.5 billion Euros, or nearly $2 billion US.
While there are those speculating that BMG is considering selling a part of its 50% stake in SONY BMG, the music label it owns jointly with SONY, BERTELSMANN Chief Executive GUNTER THIELEN has repeatedly ruled out any restructuring of SONY BMG.