Report: BMG, WMG Lining Up To Buy Chrysalis
November 4, 2010 at 4:33 AM (PT)
Could BRITAIN's CHRYSALIS MUSIC GROUP end up in the hands of BMG RIGHTS MANAGEMENT or WARNER MUSIC GROUP? Yes, reports THE NEW YORK POST, which writes "CHRYSALIS, which has a back catalog including DAVID BOWIE and MICHAEL JACKSON, said on MONDAY that it's in early stage talks over potential 'merger opportunities' but declined to name the other parties. The news sent its shares up 18% on the LONDON STOCK EXCHANGE."
BMG RIGHTS MANAGEMENT is a partnership of BERTELSMANN AG and private-equity company KKR, which earlier this year bought the CHERRY LANE music catalog, and recently acquired EVERGREEN COPYRIGHTS for $50 million.
THE POST also notes that WARNER MUSIC has also considered a possible reverse merger between its own music publishing arm, WARNER CHAPELL MUSIC, and CHRYSALIS.
CHRYSALIS was founded in 1976 and is famous for acts such as BILLY IDOL, BLONDIE and JETHRO TULL.