Add BMG

ADD BMG: Said announcement didn’t reveal the amount Bertelsmann paid to purchase the 51% of BMG owned by KKR, focusing instead on statements from the principals. “We are happy to have BMG as our own company again,” Chairman/CEO Thomas Rabe said in part. “CEO Hartwig Masuch and his team deserve our thanks for the passion and know-how they brought to developing a small creative nucleus into a powerhouse that provides the right answers to the challenges of the music industry in this digital age.” KKR Europe head Johnannes Huth described the partnership as “a complete success. We explored new business approaches with Bertelsmann; BMG did pioneering work in the music rights market with its digital, service focused business approach. The model of a ‘growth and build’ partnership between a corporate group and KKR is bound to be seen more often in the future.” Thomas Hesse, Bertie’s President, Corporate Development and New Businesses, who’s responsible for BMG, praised the company for its “lean organization, a management with an excellent network, and a deep understanding of the needs of artists, songwriters and copyright holders in the digital age. We will operate this business long-term to actively expand it.” Masuch reinforced that notion when he stated that “we look forward to many new, long-term development opportunities.” (3/1a)