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Bertelsmann links up with KKR to form music rights group
Jul 8, 2009, 10:30 GMT
Berlin - Europe's biggest media group Bertelsmann AG is forging a music rights management joint venture with the private equity fund KKR & Co, the two companies announced Wednesday.
Under the deal, German-based Bertelsmann will hold 49 per cent of the new venture with KKR owning the remaining 51 percent. The two companies did not release any financial details of the new management group.
'The aim of the partnership is to build a global music rights marketing group,' the two companies said in a statement.
Announcing the new joint venture, the two companies said they plan to boost the management group's business in part through acquisitions.
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