BMG Rights Management set to acquire Cherry Lane
27 Mar 2010
BMG Rights Management, founded as a joint venture between KKR and Bertelsmann AG to build a global player in the music rights management industry, said yesterday it is acquiring Cherry Lane Music Publishing Co. Inc.
The company was acquired to boost BMG's music right catalogue.
Although, the companies have not disclosed the deal size, sources close to the deal suggest the transaction could be in the range of $100 million.
The Cherry Lane, one of the world's leading indie publishers with offices in England, France and Holland, represents artists such as will.i.am, John Legend and Elvis Presley. Its catalogue includes songs written by the Black Eyed Peas, John Denver and Quincy Jones.
According to BMG's UK managing director, Tony Moss, the deal was confirmed on Friday morning, following a leak to the Financial Times newspaper.
Cherry Lane, which was created in 1960, boasts the copyrights of famous hits such as Girls, Girls, Girls, Afternoon Delight and Leaving On A Jet Plane.
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