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Article: Bertelsmann and KKR Join Forces in the Music Rights Business.
- Article from:
- Investment Weekly News
- Article date:
- July 25, 2009
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Bertelsmann AG and Kohlberg Kravis Roberts & Co. L.P. ("KKR") announced that they have agreed to create a joint venture to develop a global music rights management business to which Bertelsmann AG will contribute its BMG Rights Management music rights unit. Upon funding of the transaction, Bertelsmann will own 49% in the joint venture and KKR will own 51%. Bertelsmann AG's Hartwig Masuch, currently CEO of BMG Rights Management, will continue as CEO of the new company.
The new company will benefit from BMG Rights Management's know-how in licensing and administrating music rights, its large number of music catalogues and artists, the established BMG brand and its ...