KKR to sell BMG stake to Bertelsmann

German media company Bertelsmann plans to take full control of BMG for around €500m, reports suggest. The deal is said to be pencilled in for the end of February.

KKR recently sold shares in another German media company, ProSiebenSat.1, a television broadcaster it held along with Permira.

KKR owns 51% of BMG, whose recent failed attempt at securing EMI Music assets sold by Universal Music are said to have contributed to KKR's hasty exit plans. The EMI assets were instead snapped up by Warner Music for £487m.

KKR bought its stake in BMG in late 2009, providing funding for a number of music catalogue acquisitions at the time, including catalogues of songs from artists such as Take That. The business expects revenues of €350m this year, according to reports, but this figure would have been boosted considerably by the acquisition of EMI's assets.

 

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