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Classic catalogue for sale
03/09/2008 22:18 - (SA)
Yinka Adegoke
New York - The Rodgers & Hammerstein Organisation is in talks to sell its catalogue of Broadway musical show tunes and standards to major music companies for between $150m and $200m, according to people familiar with the matter.
EMI Music Publishing, Sony Corp's Sony/ATV Music Publishing, Vivendi's Universal Music Publishing and Warner Music Group Corp's Warner/Chappell Music Publishing are all looking over the catalogue, which includes songs from shows including The Sound of Music, The King and I and South Pacific.
The catalogue includes over 3 000 songs by founder songwriters Richard Rodgers and Oscar Hammerstein II and nearly 100 other writers like Irving Berlin and Lorenz Hart.
Doubt
The company is said to be looking for more than $250m, according to the people who spoke with Reuters on condition of anonymity.
But several of these people expressed doubt that music company bids for Rodgers & Hammerstein would go higher than $200m.
The Rodgers & Hammerstein catalogue has also attracted interest from hedge funds and private equity companies, which are attracted to song publishing assets as a source of regular cash flows through song licensing.
Rodgers & Hammerstein spokesperson Bert Fink declined to comment on the matter.
Publishing companies can make new revenue from catalogue assets by licensing show tunes for use in a range of outlets such as advertising, video and television, in a process known as synchronisation.
"This catalogue has not been exploited to its full potential," said one person.
- Reuters
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South Africa
