Would we lie to you?
MBW informed you in January that our sources reckoned BMG had purchased Broken Bow Records and its Nashville-based parent BBR Music Group for around $100m.
Now we know exactly how much the Bertelsmann-owned company shelled out on the deal.
According to small print within Bertelsmann’s 2016 annual report, BMG spent €97m on the preliminary purchase price before adjustments.
Using January’s average currency exchange rates, that comes out at US $103.1m.
What’s more, Bertelsmann’s report also reveals that BMG spend €123m ($136m) on acquisitions in 2016.
Some €81m ($90m) of this money was spent in the UK, with €19m ($21m) spent in the US.
“Our plans for the future are as ambitious as ever. There is a huge hunger from artists and songwriters for a new and fairer music business which delivers them the service they deserve.”
Hartwig Masuch, BMG (Speaking after buying Broken Bow)
(The BBRMG deal was additional to this money, coming after BMG/Bertelsmann’s fiscal close in December.)
Explaining the Broken Bow deal to MBW in January – which included the ingestion of 48 Nashville-based staff – BMG boss Hartwig Masuch said: “This is a significant milestone in the development of our recorded music business in the US. At a stroke it gives us a major presence in the Nashville market and one of the most dynamic genres in American music.
“Our plans for the future are as ambitious as ever. There is a huge hunger from artists and songwriters for a new and fairer music business which delivers them the service they deserve.
“We are here to satisfy that hunger and offer them a real alternative.”
Broken Bow’s roster includes Jason Aldean, Trace Adkins, Dustin Lynch, Randy Houser, Thompson Square and many others.Music Business Worldwide