BMG Denies That KKR Plans to Exit If EMI Bid Fails
BMG Rights Management GmbH denied a report that co-owner KKR & Co. (KKR) will leave the music venture if a bid for some assets of EMI Group’s music business fails.
“There are no immediate plans for a KKR exit from BMG and nor is there any link between a KKR exit and the outcome of any EMI-related process,” Ryan O’Keeffe, an external spokesman for BMG, said in an e-mailed statement today.
U.S. buyout company KKR, which runs BMG together with Germany’s Bertelsmann SE, may withdraw from the venture if a bid for EMI’s recorded music assets is unsuccessful, the New York Post reported today, citing unidentified people.
Bertelsmann Chief Executive Officer Thomas Rabe said last month he wants to expand the BMG music-rights unit and is considering snapping up assets from EMI’s music business that may be offered for sale.
Vivendi SA (VIV)’s Universal Music Group, which agreed to buy the recorded-music business of EMI, best known as the record label of the Beatles, plans to sell some parts of that business for regulatory approval.
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