BMG Rights Management Acquires Chrysalis
November 29, 2010 at 4:13 AM (PT)
BMG RIGHTS MANAGEMENT has agreed to acquire CHRYSALIS for £107.4 million ($168.6 million), combining two of the worlds largest independent music publishers. The CHRYSALIS has 100,000 titles, with MICHAEL JACKSON, BLONDIE and DAVID BOWIE among the artists they represent. BMG RIGHTS MANAGEMENT is a joint venture between BERTELSMANN and private equity company KOHLBERG KRAVIS ROBERTS.
THE NEW YORK TIMES reports BMG RIGHTS MANAGEMENT "is offering CHRYSALIS a 46% premium from the company’s price on OCTOBER 29th, the day before CHRYSALIS said that it was in discussions that might lead to an offer."
BMG said in a statement that it would continue to use the CHRYSALIS name for three years, and that CHRIS WRIGHT would join its supervisory board and become the nonexecutive BRITISH chairman of BMG.
WRIGHT and TERRY ELLIS launched CHRYSALIS in 1967. The two founded the ELLIS-WRIGHT AGENCY to manage TEN YEARS AFTER and other groups, and started CHRYSALIS RECORDS the following year.