Bidding Begins On Famous Music
April 12, 2007 at 5:45 AM (PT)
THE NY POST reports at least a dozen bidders lined up yesterday for a chance to buy FAMOUS MUSIC, the music publishing catalog owned by VIACOM that controls the rights to songs from such artists as PINK, SHAKIRA and songwriter LINDA PERRY.
Among those signaling their intent include SONY/ATV, where MARTIN BANDIER took over the CEO reins this week, WARNER MUSIC GROUP and UNIVERSAL MUSIC GROUP.
Also involved in the process are BANDIER's former partner CHARLES KOPPELMAN with backing from private-equity firm GTCR, LARRY MESTEL's PRIMARYWAVE MUSIC PUBLISHING, which recently bought the HALL & OATES catalog and ZELNICK MEDIA, STRAUSS ZELNICK's investment firm, among others.
Sources pegged FAMOUS MUSIC's value at around $300 million and fingered SONY/ATV as the early favorite, citing BANDIER's publicly stated intent to be aggressive about growing the company, which currently ranks as the smallest publishing operation of the four major labels.