BERLIN (CelebrityAccess MediaWire) — BMG Rights Management and Spectrum Equity Investors have signed a deal estimated at $300 million to acquire Bug Music, Inc.
Bug is one of the leading indie music publishers. Founded in 1975 and headquartered in Los Angeles, Bug Music currently owns and/or manages copyrights, including classic catalog and contemporary hits such as "Fever", "What a Wonderful World", "I Walk the Line", "Summer in the City", "The Real Slim Shady", "Who Are You?", "Under the Boardwalk" and "The Passenger".
Bug Music's clients include the estates of musical legends Johnny Cash, Willie Dixon, Muddy Waters, Woody Guthrie, Del Shannon and Stevie Ray Vaughan, as well as contemporary artists such as Iggy Pop, Kings of Leon, Ryan Adams, Wilco and The National. Bug Music also supports songwriters and artists through its Arthouse Entertainment joint venture with Kara DioGuardi, 2007 BMI Pop Songwriter of the Year and former American Idol judge.
"The scope and scale of Bug Music's catalog today reflects Spectrum's commitment to investing in profitable franchises with clear potential for growth and then working actively with our partners to accelerate that growth organically and through acquisitions," said Jim Quagliaroli, Managing Director of Spectrum. "BMG is a true leader in the industry and we have every confidence Bug Music's artists and assets will be in the right hands and continue on a strong growth path with BMG." – CelebrityAccess Staff Writers