LONDON (CelebrityAccess MediaWire) — German music publishing giant BMG has agreed to purchase UK-based rival Stage Three Music. The deal will give BMG increased access to the UK market, which it considers to be crucial as BMG expands their music rights management profile.
According to the Financial Times, BMG did not reveal how much the acquisition was costing, but described it as 'significant', a term used to describe their previous deal for Cherry Lane, which analysts have estimated at approximately $80 million.
"[Stage Three Music has an] elite roster of writers" in "the hottest and most competitive music market in the world," BMG's CEO Hartwig Masuch told the Financial Times. "Once the deal closes, we won’t have any problem competing at eye-level in the UK with the majors."
BMG is owned by the Bertelsmann Media Group and private equity shop KKR. Stage Three's client list includes writers who've penned tracks for artists such as current UK charters like JLS as well as established artists like Clapton and Aerosmith, (including rights to their iconic hit "Walk This Way.") Stage Three is currently owned by Apax Partners & Ingenious Ventures. – CelebrityAccess Staff Writers