Music giant continues aggressive expansion
The Chrysalis Music buyout, which values the company’s shares at 160 pence (251 cents) each, is BMG’s fifth takeover deal this year. It previously acquired American operations Evergreen, Cherry Green and Adage IV, as well as U.K.-headquartered Stage Three Music.
BMG CEO Hartwig Masuch said, “The acquisition of Chrysalis represents an important step forward in our strategy as we build a major, global music rights business. Chrysalis’ extensive and high-quality catalog represents an excellent fit with our existing business.
“Our strategy is to provide state-of-the-art, comprehensive and transparent management of music rights and the operational excellence of Chrysalis reinforces this commitment. BMG looks forward to working with Chrysalis to build on its success to date for the benefit of all stakeholders.”
Among the thousands of copyright assets included in the Chrysalis catalog are songs by David Bowie, Michael Jackson, Blondie, Sheryl Crow and Pendulum.
Chrysalis chairman and co-founder Chris Wright, who established the company 40 years ago with business partner Terry Ellis, stands to be the major beneficiary from the transaction as, with a stake of more than 27.5%, he is the biggest Chrysalis shareholder.