Viacom Is Said to Bid for BMG Unit
U.S. media conglomerate Viacom Inc. has teamed with private equity group Apollo Management to submit an offer for BMG Music Publishing in a bidding battle that could top $1.92 billion, sources close to the matter said Friday.
BMG Music Publishing, which owns the rights to thousands of songs including hits by Christina Aguilera and the band Coldplay, is being sold by German media conglomerate Bertelsmann to help finance a $5.8-billion buyback of a minority stake in the company.
The Viacom-Apollo group submitted its offer by Thursday’s deadline, the sources said.
Warner Music Group also bid, and Vivendi’s Universal Music Group was also planning to turn in an offer, the sources said.
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