MUMBAI: BMG Rights Management will acquire the music publishing assets of certain affiliates of Crosstown Songs America. The transaction represents the first acquisition of music rights for BMG, the new global music rights management joint venture of Bertelsmann AG and Kohlberg Kravis Roberts & Co. The transaction is subject to approval under applicable competition laws and other customary conditions to closing.
Founded by CarVal Investors, Crosstown is a leading independent music publishing company, headquartered in Los Angeles, focused on the management, acquisition, and creative development of music copyrights. BMG will acquire the rights to over 8,000 songs, including new copyrights featured on some of the top-selling albums of the past two years. The acquired assets represent a catalog of diverse, seasoned rights as well as a strong pipeline of new content created through partnerships with well-established writers.
"The acquisition of Crosstown represents a significant first step for the new joint venture and our desire to define a new business standard in managing the licensing and administration of content rights," said BMG Rights Management CEO Hartwig Masuch.
Financial terms between the parties, both privately held, were not disclosed.