Report: Bug Music For Sale
June 2, 2010 at 4:26 AM (PT)
BUG MUSIC, established in 1975 by entrepreneur Dan Bourgoiseand, is being shopped by JPMORGAN CHASE -- with an asking price of $300 million. BUG owns 250,000 copyrights to songs including "What a Wonderful World," and "The Real Slim Shady." THE NEW YORK POST reports "several big record companies including WARNER MUSIC GROUP, UNIVERSAL MUSIC GROUP, SONY/ATV MUSIC and a joint venture with private equity powerhouse KKR and BMG, are interested in BUG.
The privately-owned independent company represents acts such as KINGS OF LEON and KARA DIOGUARDI, the songwriter and "American Idol" judge.
Music business banker BERENSON & COMPANY's LISBETH BARRON said, "Typical music publisher multiples currently range from 8 to 10 times net publisher's share for quality assets. Historically they've trended more toward the 10 to 15 times range."