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Business News Labels & Publishers
Imagem no longer for sale
By Chris Cooke | Published on Monday 15 December 2014
The owners of independent music publisher Imagem have announced that they are no longer considering a sale of part or all of the business.
As previously reported, New York bank Jeffries LLC was reportedly sounding out bidders back in the spring who were interested in acquiring the music publishing group, which includes classical publisher Boosey & Hawkes, theatrical rights set up the Rodgers & Hammerstein Organisation, and the Imagem-branded publisher which specialises in pop and rock songs. Though it was thought then that the current owners were in no rush to sell, and would only do a deal if the right price was offered – $650 million was a mooted valuation.
Last week Imagem’s owners confirmed that, having reviewed their options, a sale was now off the agenda, and instead management at the company would focus on further developing the business, including seeking new acquisitions.
A statement read: “During the review [of the business], Imagem and its shareholders saw great interest from many parties, either trade parties or new parties, to acquire the whole Imagem Group or specific parts. However, because of the successful and stable businesses of Boosey & Hawkes and Rodgers & Hammerstein, both market leaders in their specific genres, which are growing in popularity every year, not least because of an aging demographic in Western economies, and the growing business of Imagem Music, the strategy now will be to grow these activities further, including through new acquisitions”.
Commenting on this news, Group CEO of Imagem, André de Raaff, told reporters: “We are looking forward to this exciting new chapter in the Imagem story and expanding our position as the world’s number one independent music publisher”.
