NY Post: Large Music Companies Eye Cherry Lane
August 14, 2008 at 5:13 AM (PT)
The publishing arms of UNIVERSAL MUSIC GROUP, WARNER MUSIC GROUP and SONY CORP's music division are looking at buying CHERRY LANE MUSIC PUBLISHING, THE NEW YORK POST reported, citing several sources.
CONCORD MUSIC GROUP, STARBUCKS CORP's partner in the music business, and the Dutch pension fund ABP may also be interested, the paper said.
CHERRY LANE, home to song catalogues from ELVIS PRESLEY, QUINCY JONES and THE BLACK EYED PEAS, is exploring strategic alternatives that include a possible sale, the paper said.
The privately held NEW YORK-based company has hired investment bank CENTERVIEW PARTNERS primarily to shop for strategic financing to fund its acquisition plans, but a possible sale of the entire catalogue has not been ruled out, sources told THE POST.