FRANKFURT, Feb 29 (Reuters) - Bertelsmann AG , Europe’s largest media group, is back on the acquisition trail in the music business, with its unit BMG Rights Management buying the U.S. company R2M Music, a German newspaper reported on Wednesday.
The acquisition price is in the mid two-digit million euro range, according to Handelsblatt’s prerelease of its Thursday edition, citing sources involved in the negotiations.
It said financial investor Fortress, which founded Nashville-based R2M seven years ago, had wanted to sell the unit for quite some time. R2M’s Music Publishing catalog is comprised of some 12,000 songs from artists including Beyonce, Whitney Houston, Barbra Streisand and Neil Sedaka.
Bertelsmann declined to comment to Handelsblatt.