24 Dec 2012

Top pop music rights bought by BMG

7:54 am on 24 December 2012

Music label BMG has bought the rights to some of the best-selling pop music of recent years.

The German label has bought Virgin Music's entire back catalogue for an undisclosed sum.

The catalogue was formerly owned by EMI, but Sony/ATV were obliged to sell the catalogue when they bought EMI's publishing arm for £1.36 billion ($US2.2 billion).

The catalogues being acquired by BMG are from Virgin Music Publishing, Famous UK Music Publishing and selected titles from Sony/ATV and EMI Music Publishing.

The group was allowed to buy EMI's music publishing arm for $US2.2 billion (£1.36 billion) on the condition that the stated catalogues were sold in order to ensure fair competition.

The BBC reports BMG was founded three years ago and is now the world's fourth largest music publishing company.

It is reported to have bid around £55.6 million ($US90 million) for the catalogues. Other bidders included Warner Music and Saban Capital.

The BBC reports the purchase includes hits from Take That and Nirvana, tracks by Robbie Williams, Duffy and Tears for Fears, and hits such as Cobain's Smells Like Teen Spirit, Lenny Kravitz's It Ain't Over Till It's Over and Iggy Pop's Lust for Life.