Bertelsmann - Joint venture with KKR

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Slaughter and May is advising Bertelsmann, the German media group, on a new music publishing venture with Kohlberg Kravis Roberts (KKR) to acquire catalogues of songs with up to EUR 250 million ($348 million) of financing from the US private equity group.

The venture will be formed by Bertelsmann spinning out BMG Rights Management, which owns a collection of songs by about 300 artists, including Kylie Minogue, Nena, Roy Orbison, Mecano and The Beautiful South. When the new venture completes its first acquisition, which is expected by the end of the year, KKR will inject EUR 50 million of equity in return for a 51 per cent stake.  

The new venture was announced on 8 July, 2009.

Richard de Carle (partner), Georgie Fast (associate), Jeremy Watson (associate); Competition: John Boyce (partner), Naomi Burgoyne (associate); Intellectual Property: David Ives (partner), Cindy Knott (associate); Tax: Richard Carson (partner), Ben Mudd (associate), Tom Jarvis (associate)