BMG buys Chrysalis
BMG Rights Management has bought Chrysalis, one of Britain’s biggest independent publishers, for £107.4m.
Chrysalis announced in October it was again in sales talks with an unnamed party, with BMG, Bug Music and Imagem thought to be the frontrunners.
The BMG deal went through today. In a joint statement, the two parties say the acquisition is an important step in BMG’s growth strategy.
BMG CEO Hartwig Masuch adds, “The acquisition of Chrysalis represents an important step forward in our strategy as we build a major, global music rights business. Chrysalis’ extensive and high quality catalogue represents an excellent fit with our existing business.
“Our strategy is to provide state-of-the-art, comprehensive and transparent management of music rights and the operational excellence of Chrysalis reinforces this commitment.”
Meanwhile, Chrysalis chairman and co-founder Chris Wright says the deal marks the end of an era for Chrysalis, which he founded with Terry Ellis more than four decades ago.
“Our continued progress – evolving from management, recorded music, television and radio to focus on music publishing – has been clearly recognised by BMG,” he explains. “As we embark together on the next chapter of the Chrysalis story, I am proud of both our track record and our future prospects in an industry in which we have both innovated and pioneered.”
Source: Music Week
