Bertelsmann Welcomes Rolling Stones Mick Jagger And Keith Richards To BMG
The international media company Bertelsmann congratulates its music rights management subsidiary BMG, which has confirmed it will represent the publishing interests of Rolling Stones Mick Jagger and Keith Richards starting 1 July 2013. “This is a milestone for Bertelsmann and BMG,” said Bertelsmann Chairman & CEO Thomas Rabe.
“There can be no greater acknowledgment of our music rights company’s compelling business model and its outstanding team.” Following its withdrawal from the traditional music business in 2008, Bertelsmann had established the new BMG with a thoroughly service- and artist-centered business approach. Partnering with the financial investor KKR, it became the world’s fourth-largest music rights management company in less than five years. In April 2013, Bertelsmann acquired KKR’s shares in BMG and has since managed the company, which has a presence in all major music markets, as a wholly owned subsidiary. “The fact that Mick Jagger and Keith Richards have chosen BMG to represent them so soon after the full acquisition is a very positive development for us as the parent company,” said Rabe.
The Bertelsmann CEO explained that “rights management is one of the businesses with which Bertelsmann intends to grow in the years ahead. It is one of our growth platforms, as are, for example, Education, Financial Services and TV production.”
Thomas Hesse, Bertelsmann’s President Corporate Development and New Businesses and Executive Board member responsible for the music business, emphasized the value of this latest signing: “The Rolling Stones have been on stage for more than 50 years and are one of the most successful bands of all times. Artists of the stature of Mick Jagger and Keith Richards do not choose a new publisher lightly.” He said the signing “demonstrates that the new BMG already ranks among the top global music companies.”
Source: BMG
