Company might sell BMG stake
Unsubstantiated reports started to come out of Germany Tuesday that Bertelsmann may be looking to get out of the music business.
Financial Times Deutschland reported that the company’s chief financial officer, Thomas Rabe, has discussed with two private-equity companies the possibility of selling the company’s stake in Sony BMG. Bertelsmann owns half the recorded music company.
The FT story, which was not sourced, also suggested the company is looking to get out of the book club business, which has long been a solid area for Bertelsmann.
BMG’s agreement with Sony states that neither side may sell until August 2009.