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Topic History of: Summer sale in G
Max. showing the last 5 posts - (Last post first)
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DJones |
By ZACHERY KOUWE
An influential group of independent record companies is trying to persuade German media conglomerate Bertelsmann to avoid selling its BMG music publishing unit to industry giants including Universal Music, Sony and Warner Music, The Post has learned.
The Independent Music Publishers and Labels Association (Impala) is expected to issue a statement later this week praising a European court's recent rejection of the 2004 merger of Sony's music division with Bertelsmann's and calling for the same regulatory scrutiny in the sale of BMG's music publishing unit, sources said.
"Impala is going to tell the Germans that if BMG is sold to someone with any ties to the industry, they will do everything possible to break up the merger," said one source with knowledge of the sale.
Bertelsmann and its financial advisors, J.P. Morgan and Citigroup, are expected to invite potential buyers back to a second round of bidding later this week.
Impala's statement could impact the hopes of hopes of music giants Universal, EMI, Warner Music and Sony, which are working with private equity firms.
That could open up the field for investment firms not attached to industry players to take the lead in the auction - even if they initially had a lower bid.
Sources said several so-called independent bidders have emerged including hedge fund Cerberus Capital Management and Apax Partners.
Elevation Partners, the private equity house that includes Bono and former Warner/Chappell CEO Les Bider, is also in the mix along with a team led by BMG Publishing Chairman and CEO Nick Firth and another group made up of buyout firm GTCR Golder Rauner and record executive Charles Koppelman.
Viacom, which has a small record publishing unit in the U.S., is also said to have out in a bid for the BMG record publishing unit. |
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DJones |
... Bertelsmann is buying back the 25,1% owned by belgian Investor GBL for 4,5 billion Euro (on 1 July 2006). |
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NW3 |
Clear out of top brass imminent - even prior to sale |
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DJones |
nm |
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