BMG Group Buys Chrysalis for $168.8 Million
BMG Group Buys Chrysalis for $168.8
Million
Chrysalis, the record label that has operated independently for 43 years, agreed on Friday to be sold to a joint venture of Bertelsmann and the private equity firm KKR for a price tag of $168.8 million.
The Chrysalis label was started by former university social secretaries Chris Wright and Terry Ellis in 1967 as the Ellis-Wright Agency in London. The founders changed the name to Chrysalis the following year. The agency enjoyed prolific success in the 80s, with heavyweights such as Blondie, Billy Idol, Tears for Fears, and Siouxsie and the Banshees among the artists releasing their music on the label.
But Wright said on Friday that the label could no longer compete with the major music labels. "BMG have fantastic resources behind them with Bertelsmann and KKR. I can see, just from the resources they were able to throw at this transaction, how far off the pace we are," he said in an interview with Reuters. "It was clearly going to happen at some point."
Wright bought out Ellis in 1985, selling Chrysalis Records to EMI six years later, though holding on to the publishing business and a catalog of about 100,000 songs. Wright then rejected a takeover bid worth a reported $104 million from EMI in 2008. Under the new deal, Wright has been invited to join the supervisory board of BMG and become its non-executive chairman for UK business.
The deal is just the latest of a number od acquisitions of publishing companies by BMG this year, as it has already acquired Cherry Lane Music Publishing, Stage Three Music, and Evergreen Copyright Acquisitions this year.
Chrysalis, the record label that has operated independently for 43 years, agreed on Friday to be sold to a joint venture of Bertelsmann and the private equity firm KKR for a price tag of $168.8 million.
The Chrysalis label was started by former university social secretaries Chris Wright and Terry Ellis in 1967 as the Ellis-Wright Agency in London. The founders changed the name to Chrysalis the following year. The agency enjoyed prolific success in the 80s, with heavyweights such as Blondie, Billy Idol, Tears for Fears, and Siouxsie and the Banshees among the artists releasing their music on the label.
But Wright said on Friday that the label could no longer compete with the major music labels. "BMG have fantastic resources behind them with Bertelsmann and KKR. I can see, just from the resources they were able to throw at this transaction, how far off the pace we are," he said in an interview with Reuters. "It was clearly going to happen at some point."
Wright bought out Ellis in 1985, selling Chrysalis Records to EMI six years later, though holding on to the publishing business and a catalog of about 100,000 songs. Wright then rejected a takeover bid worth a reported $104 million from EMI in 2008. Under the new deal, Wright has been invited to join the supervisory board of BMG and become its non-executive chairman for UK business.
The deal is just the latest of a number od acquisitions of publishing companies by BMG this year, as it has already acquired Cherry Lane Music Publishing, Stage Three Music, and Evergreen Copyright Acquisitions this year.
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