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Business News Deals Labels & Publishers
Bertelsmann completes acquisition of BMG
By Chris Cooke | Published on Wednesday 3 April 2013
Bertelsmann has completed its acquisition of equity group KKR’s stake in the BMG music rights business after the deal was approved by competition regulators in the US, Germany, Austria and Ireland. The German media giant announced it had reached a deal with KKR to buy its partner out of the v2 BMG venture last month.
Echoing his boss’s recent remarks regards a new hunger for expansion, Bertelsmann’s board-level new business guy Thomas Hesse told Billboard that “within the next four to five years we want to increase BMG’s revenues up to 500 million euros”, something that is to be achieved through both organic growth and the further acquisition of song or recording catalogues “if the price is right”. Hesse is particularly keen for growth in South East Asia and Latin America.
