Company to spend $360 million on acquisitions
Flush with coin from its new partnership with private equity group Kohlberg Kravis Roberts, BMG Rights Management is eager to expand its music publishing assets and is eyeing the EMI Group’s song catalog, which includes works by the Beatles and Frank Sinatra, among many others.
Citing low prices and a lack of competition, BMG Rights topper Hartwig Masuch said in an interview with Bloomberg that it was “a good time to be looking,” adding that the Berlin-based BMG planned to spend E250 million ($360 million) acquiring music rights over the next 18 months.
In July, BMG acquired the rights to more than 8,000 songs from Los Angeles-based Crosstown Songs America, which holds copyrights on songs including Sheryl Crow’s “All I Wanna Do,” Tina Turner’s “When the Heartache Is Over” and Ricky Martin’s “Livin’ la Vida Loca.”
The catalog, valued at $80 million, was the first acquisition for the new global music rights management joint venture between media giant Bertelsmann and KKR.
BMG Rights’ library covers 12,000 songs including music from Kylie Minogue, Alison Moyet and the Scorpions.