Bertelsmann-owned BMG Rights Management has just purchased a massive, $150 million stake in Primary Wave Music, according to details confirmed this morning. In an email to Digital Music News, BMG also pointed to a strategic alliance that involves a major interest in Primary-owned publishing assets, as well as other aspects of the business.
The publishing list includes venerable (and highly-lucrative) classics like Earth Wind & Fire’s ‘September’, Hall & Oates ‘Kiss On My List’, John Lennon’s ‘I Want to Hold Your Hand’ and Marvin Gaye’s ‘How Sweet It Is’.
Primary Wave will continue its diversified activities, which span publishing, artist management, and television development. The newly-formed alliance will be called BMG/Primary Wave Artist Services, and will focus on already-developed artists with an earnings track record. “The US remains the heartland of and biggest single market in the worldwide music industry,” said BMG CEO Hartwig Masuch. “This strategic alliance with Primary Wave, one of the most respected independents in the business, gives us control of some of the greatest copyrights in popular music in one stroke, while also strengthening our marketing resources in promoting new recordings.”