Bertelsmann is in talks to acquire Concord Music in a transaction that could value the US-based music group at up to $7bn, according to sources cited by Bloomberg.

Bertelsmann’s music division, BMG Rights Management, is considering a cash-and-stock offer for Concord, although negotiations are ongoing and may not result in an agreement.

Concord is majority owned by the State of Michigan Retirement System and has built one of the industry’s largest independent platforms through acquisitions. Its catalogue spans recorded music, publishing, and Broadway rights, including works from artists such as Kylie Minogue and Killer Mike, as well as musicals including Hamilton and The Phantom of the Opera.

A combination with BMG would create a scaled independent label with global distribution and marketing reach, positioning it between the traditional major labels and smaller independents. 

Bertelsmann has invested about €1.2bn, or roughly $1.4bn, in music rights acquisitions since 2021, as it looks to offset falling revenues in parts of its publishing business. Concord previously explored a sale five years ago at a valuation above $5bn but did not complete a transaction.

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