BMG Parent Co. Bertelsmann to Buy Concord in Major Indie Music Merger – Billboard

The tie-up creates a scaled publisher and catalog company with an estimated $2 billion in revenue that will be majority owned by BMG parent company Bertelsmann. Trending on Billboard In one of the biggest music mergers in more than a decade, BMG, which represents artists like Jelly Roll and Lainey Wilson, and Concord, owner of songs by Creedence Clearwater Revival, Phil Collins and R.E.M., said on Tuesday (April 28) they reached a definitive agreement to merge companies under the BMG name. The combined company will be 67% owned by German media conglomerate Bertelsmann, BMG’s parent company, and 33% owned by affiliates of Great Mountain Partners, a longtime investor in Concord through a fund that manages money from Michigan Retirement Systems and Great Mountain’s management team. The transaction includes a one-time cash payment of $1.16 billion for Greatm Mountain’s affiliates, according to a statement. With global headquarters in Nashville, Concord’s CEO Bob Valentine will serve as CEO of the combined company. BMG CEO Thomas Coesfeld will serve as chair as the combined company’s chairman and, as previously announced, Coesfeld will assume the CEO role for Bertelsmann beginning in January. The merger is expected to achieve $1.2 billion in earnings before interest
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