UMG Reported To Be Looking At Chrysalis Pub Bid
August 6, 2007 at 5:36 AM (PT)
UNIVERSAL MUSIC is considering an offer for CHRYSALIS's £180m music publishing arm, reports THISISMONEY.CO.UK. WARNER MUSIC has also been tipped as a potential bidder for the publishing business (NET NEWS 7/23), which owns 65,000 copyrights to songs from artists including DAVID BOWIE, BILLY IDOL, BLONDIE and others. A number of private equity firms are also thought to be interested.
CHRYSALIS has just sold its radio assets (NET NEWS 6/25), which included HEART, GALAXY and LBC, to IRISH private equity firm GLOBAL RADIO, headed by former ITV chief executive CHARLES ALLEN, for £170m.
CHRIS WRIGHT, CHRYSALIS's founder, chairman and major shareholder with 26% of the business, has said he would like the remaining company to become a leading independent publisher.
The company refused to comment on news of UNIVERSAL's interest. However, industry sources say that CHRYSALIS' publishing assets are highly regarded.