Bertelsmann: BMG sale not affected by EU ruling
FRANKFURT/LONDON, July 18 (Reuters) – German media conglomerate Bertelsmann said on Tuesday that a European court ruling that annulled approval of the Sony BMG merger would have no implications for the ongoing auction of its music publishing business.
The company said both strategic and financial bidders would participate in a second round of bidding. Fifteen prospective buyers have been sent information about BMG Music Publishing, which owns the copyrights to songs by Coldplay, Nelly and others.
A Bertelsmann spokesman declined to comment on a newspaper report that independent record labels, who successfully challenged the Sony BMG deal, plan to oppose the sale of the music publishing arm to one of the major music companies.