Bertelsmann is making preparations to sell its music companies as Europe's largest media company fights to maintain its private status. People briefed on the plans said it had mandated investment bankers to prepare disposals of its music publishing catalogues and its stake in Sony BMG, Elvis Presley's Record company, its recorded music joint venture with the Japanese group.
A sale, worth an estimated €2bn ($2.4bn), would help Bertelsmann finance a buy-in of all or most of the 25 per cent stake held by Groupe Bruxelles Lambert (GBL), its only outside investor. The prospect of the third largest music publishing company being sold is likely to prompt keen bidding. Vivendi Universal, owner of the largest recorded music company, wants to build up its music publishing assets.
Together, the music companies reported revenues of €2.1bn last year, down 16.5 per cent as CD sales fell. Operating earnings before interest and tax were up from €162m to €177m. Bertelsmann declined to comment.
Bertelsmann Set For Sony BMG SaleMarch 27, 2006 | Other Source:Elvis Unlimited
sttos wrote on March 28, 2006
It would be nice if this Robert Sillerman is supposed to be so high and mighty maybe he could pull his supposed weight around and wrangle Elvis's back catalogue of music away and back to Elvis Presley Enterprises.
shaneleebrown wrote on March 28, 2006
Is that really what you want? So many fans (not me I might add) want Elvis In Concert on DVD etc but it's EPE who are refusing to let it happen!
Tony C wrote on March 29, 2006
I think EPE and Sillerman are the last people I would want controlling Elvis' catalogue of music. As for "back to EPE", it's never been with them. The chain of ownership was Sun, who sold Elvis' catalogue to RCA, who were bought out by BMG, and who then merged with Sony to become Sony/BMG. This story is actually about the sale of part of the company that owns Elvis' catalogue, rather than the sale of the catalogue itself.
bastiaanvinke wrote on March 30, 2006
Presley enterprises never owned the rights to Presley's music. What might 'cause some confusion is that in the seventies Elvis sold his percentage he got from record sales to RCA.