BMG-Concord merger closes; Bob Valentine named CEO of the new music group
The BMG and Concord merger is complete, creating a global music company with HQ in Nashville and EU operations in Berlin. Ownership is split about 67% Bertelsmann and 33% affiliates of Great Mountain Partners, which received a $1.16 billion cash payment. Bob Valentine becomes CEO and Thomas Coesfeld serves as Chairman as the combined catalog tops four million works. The company targets over $2.5 billion in midterm revenue and about $1.2 billion in EBITDA, and plans to invest in creators, music rights, and AI.