Bidders are lining up to buy Sony/ATV’s Rosetta song catalogue, packed with '80s hits from artists such as Tears for Fears and Culture Club (pictured).
The auction for the rights to some 30,000 songs from Virgin Music and Famous UK will start on Monday (October 29). Among the more contemporary artists is UK songbird Duffy.
New York Post sources say the collection is worth between $130 million and $150 million.
First-round bidders include: BMG Rights, a joint venture of KKR and Bertelsmann; G2 Investment Group; and Primary Wave, which has teamed with Oaktree Capital.
A slew of smaller bidders have also entered the fray. Among them: Canada’s ole and Paris indie firm Because Music.
Sony/ATV, a joint venture of Sony Music and the estate of Michael Jackson, is selling the catalogue in order to secure European Union approval for its $2.2 billion purchase of EMI’s publishing arm.