BMG Rights Mgt. Acquires Cherry Lane
BMG Rights Management has entered into an agreement to acquire Cherry Lane Music Publishing. Cherry Lane’s roster of songwriters includes Elvis Presley, John Denver, the Black Eyed Peas, Will.i.am, John Legend, Quincy Jones, Warren Haynes, Jordin Sparks, Ashford & Simpson and Hans Zimmer.
The acquisition gives BMG Rights Management a major presence in the U.S., where it launched last December with offices in New York, Los Angeles and Nashville, following the July 2009 acquisition of Crosstown Songs America.
BMG Rights Management was established October, 2008 by former BMG Music Publishing Germany CEO Hartwig Masuch shortly after Bertelsmann sold its 50% stake in the Sony BMG joint venture to Sony. Universal Music Group agreed to acquire BMG Music Publishing in 2006.
“Having already established itself once as a leader in the music publishing industry over several decades, BMG, via its partnership with KKR, has quickly begun to take on a leadership position again on a global basis,” says Peter Primont, Cherry Lane’s CEO and a major shareholder. “We are excited to be part of the team that will continue to grow the business at this important juncture in music publishing’s evolution.”
BMG’s Masuch added: “We chose to acquire Cherry Lane given its highly-regarded, service-oriented approach with its artist/songwriter clients, its extensive catalog of legendary songs, and its breadth of relationships within the music, television, and filmed entertainment communities.”
London’s Financial Times today cited a selling price of between $85 million and $100 million in a report today (3/26).
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Wow, this seems like a pretty big move during a fairly quiet time on the Row.
Over the next few weeks watch for additional catalogs with Nashville connections to be acquired by larger publishers….