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WORLD

Music publisher Chrysalis being sold

27.11.2010 [16:58]
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Baku, November 27 (AZERTAC). UK music publisher Chrysalis Group is being sold for £107.4m.

Chrysalis is being bought by German rival Bertelsmann Media Group (BMG) and private equity firm Kohlberg Kravis Roberts (KKR).

London-based Chrysalis controls the publishing rights to songs by artists including David Bowie and Michael Jackson.

Chrysalis, founded in 1969, used to own a record company of the same name before it was sold to EMI in 1991.

Chris Wright, Chrysalis` founder, said the deal marked "the end of one era and the start of another" for the firm.

BMG and KKR are buying Chrysalis through a joint venture.

They are paying 160 pence per Chrysalis share, 45.5% higher than the 110p closing price on 29 October, the last trading day before Chrysalis announced that it was in takeover talks.

Chrysalis shares were down 2% to 158.50 pence in Friday trading.

BMG chief executive Martwig Masuch said the deal represented "an important step forward" in his company`s building of a "major, global music rights business".

Mr Wright added that he was proud of Chrysalis` "track record".

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