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BMG Takes Over Cherry Lane

March 30, 2010 | Other

The Bertelsmann-BMG Rights Management has continued to participate on a buying spree. The music publisher acquires the New York record label Cherry Lane Music Publishing The rights by Cherry Lane include approximately 66,000 titles, including the songs of Elvis Presley, the Sex Pistols and Mariah Carey.

According to the company a binding agreement has already been made. The purchase price will be approximately 85 million U.S. dollars. With the purchase of Cherry Lane BMG Rights nearly doubled its revenues.

With the ailing music company EMI BMG has already identified the next takeover target. According to media reports BMG has joined forces with the rival Warner Music to place a bid for EMI. The talks are still at an early stage.

Source:Elvis Club Berlin