UMG To Sell Catalogs Worth $200 Million

UMG To Sell Catalogs Worth $200 Million

UMG To Sell Catalogs Worth $200 Million
Following news earlier this month, Universal Music Group is planning to sell three of its publishing catalogs to help finance its November 2011 acquisition of EMI Music's recorded music division, according to a Financial Times report. UMG has contracted Bank of America Merrill Lynch to sell its classical, Christian and German schlager catalogs, which could raise approximately $200 million. Twelve companies have shown interest in purchasing UMG's catalogs, including BMG Rights Management. (3/27)

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