Jan 29 (Reuters) - German media group Bertelsmann's BMG Rights Management is considering a cash-and-stock offer for music company Concord in a deal that could be valued as high as $7 billion,
Bertelsmann's BMG Considers $7 Billion Acquisition of Concord
Bertelsmann's Potential Acquisition of Concord
Jan 29 (Reuters) - German media group Bertelsmann's BMG Rights Management is considering a cash-and-stock offer for music company Concord in a deal that could be valued as high as $7 billion, Bloomberg News reported on Thursday, citing sources.
Details of the Negotiation
Reuters could not immediately verify the report. BMG declined to comment when contacted by Reuters, while Bertelsmann and Concord did not respond to requests for comment.
Concord's Artist Portfolio
Music company BMG, and Concord, which is majority owned by the State of Michigan Retirement System, are still in negotiations, the report said.
Leadership Changes at BMG
Concord, an independent music company, supports more than 125,000 artists and songwriters including Daft Punk, Imagine Dragons, and Phil Collins, according to its website.
The company, headquartered in Nashville, has a catalog of 1.3 million songs, compositions, sound recordings, films, plays, and musicals.
BMG represents some of the world's iconic songwriters, including Mick Jagger, John Legend, Pitbull, and Bruno Mars.
Bob Valentine, Concord’s chief executive officer, is expected to lead BMG if a deal is reached, Bloomberg reported.
Bertelsmann named family member Thomas Coesfeld as its new chief executive from January 1, 2027, the company said in November. Coesfeld is currently the boss of BMG, a role he has held since 2023.
(Reporting by Natalia Bueno Rebolledo and Mrinmay Dey in Mexico City; Editing by Alan Barona and Subhranshu Sahu)
