The majority owner of music rights management firm BMG is looking to sell up as the company looks to push back into the music industry.
Sources have told the New York Post that American private equity fund KKR, who own 51 percent of the joint venture, are in the advanced stages of a deal to sell their stake to German media giant Bertelsmann, who own the remaining 49 percent.
KKR have been a partner in BMG since 2009 so the timing would be right for a private equity firm to pull out, but the sticking point for negotiations at the moment is the price. The two companies are believed to have a good relationship though and a deal is expected to be agreed soon.
After BMG failed in the bidding for both major labels Warner and EMI last year, they have been picking up the significant scraps of Universal's anti-trust enforced divestments of the latter. They recently picked up the catalogue of Sanctuary Records and Mute after losing a joint bid with Sony for Parlophone, which Warner ended up nabbing. They are believed to be in the hunt for the Concord Music Group.
