Report: Sony BMG Wants More Music Publishing
August 13, 2007 at 5:29 AM (PT)
SONY BMG CEO ROLF SCHMIDT-HOLTZ is pondering a move into the music-publishing business, and has his sights set on the European rights to some of BMG's former U.S. and U.K. song catalogs, reports THE NEW YORK POST.
But the label could face a big hurdle in its desire to be a player in the booming music-publishing biz: its co-owner, SONY CORP., already controls a top publishing outfit. SONY BMG is a joint venture of the recorded music divisions of BERTELSMANN and SONY CORP., which also owns SONY/ATV, home of the publishing catalogs of the BEATLES and MICHAEL JACKSON.
SCHMIDT-HOLTZ has made no secret of his desire to start a new publishing division within SONY BMG. At the very least, the company wants the ability to sign new artists to publishing deals at the same time they ink recording contracts.
But sources say Sony BMG is thinking even bigger: it sees a golden opportunity to begin building a catalog with the former BMG MUSIC PUBLISHING rights up for sale.
BERTLESMANN recently sold BMG MUSIC PUBLISHING to UNIVERSAL MUSIC GROUP for $2 billion. UNIVERSAL is auctioning off the European publishing rights to ZOMBA, RONDOR and 19 ENTERTAINMENT. The ZOMBA catalog is believed to be worth in excess of $150 million.