Sony/ATV has started the auction process for the rights to more than 30,000 songs from Virgin Music and Famous UK song catalogues, as part of concessions necessary for its acquisition of EMI Music Publishing.
That's according to Reuters sources, which say non-disclosure agreements were sent out last week to more than 20 potential buyers, including Warner Music Group, Primary Wave Music, Round Hill Music, Imagem Music, Kohlberg Kravis & Roberts & Co LP, Platinum Equity Partners, Thomas H. Lee Partners and others.
The catalogues contain songs by artists who rose to prominence during the 1980s and 1990s, including Culture Club, Lenny Kravitz, Tears For Fears, Iggy Pop and others.
The sale of the Virgin Music and Famous UK catalogues were among the concessions required by regulators in order for Sony/ATV to receive approval for its $2.2 billion acquisition of EMI Music Publishing.
Source: Reuters
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