BERLIN — Media giant Bertelsmann has denied local reports that it is planning a takeover of Universal’s music division.
The regional pubcaster NDR reported Tuesday that a takeover would be announced this week.
According to NDR, Bertelsmann would pay around DM10 billion ($4.8 billion) for the Universal unit.
The story follows hot on the heels of a statement by Bertelsmann honcho Thomas Middelhoff that the company has up to $37 billion to spend.
Middelhoff said earlier this year that Bertelsmann plans to become number one in the global music business.