Universal Sells European Zomba Rights
February 21, 2008 at 5:32 AM (PT)
UNIVERSAL MUSIC GROUP has sold the EUROPEAN publishing rights to RONDOR UK, ZOMBA UK, 19 MUSIC, 19 SONGS and the BBC Catalog to IMAGEMUSIC, a joint venture between Dutch pension fund ABP, and CP Masters BV, an independent music publisher based in THE NETHERLANDS, reports THE NEW YORK POST. Terms of the deal were not disclosed, but sources close to the situation pegged the value at just under $150 million.
The catalogs -- which comprise some 90,000 copyrights -- include music from MAX MARTIN, the writer-producer behind hits from BRITNEY SPEARS and THE BACKSTREET BOYS, as well as MARK KNOPFLER and THE KAISER CHIEFS.
UMG was required to sell the assets in connection with EUROPEAN regulatory approval for its $2 billion acquisition of BMG MUSIC PUBLISHING, which it purchased last year. UNIVERSAL retains the rights to those catalogs in the U.S. and in other territories outside of EUROPE.