Bertelsmann denies U music report

German company dispels takeover rumors

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.

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