Music publisher Chrysalis being sold

David Bowie
Image caption David Bowie is one of Chrysalis' clients

UK music publisher Chrysalis Group is being sold for £107.4m.

Chrysalis is being bought by German rival Bertelsmann Media Group (BMG) and private equity firm Kohlberg Kravis Roberts (KKR).

London-based Chrysalis controls the publishing rights to songs by artists including David Bowie and Michael Jackson.

Chrysalis, founded in 1969, used to own a record company of the same name before it was sold to EMI in 1991.

Chris Wright, Chrysalis' founder, said the deal marked "the end of one era and the start of another" for the firm.

BMG and KKR are buying Chrysalis through a joint venture.

They are paying 160 pence per Chrysalis share, 45.5% higher than the 110p closing price on 29 October, the last trading day before Chrysalis announced that it was in takeover talks.

Chrysalis shares were down 2% to 158.50 pence in Friday trading.

BMG chief executive Martwig Masuch said the deal represented "an important step forward" in his company's building of a "major, global music rights business".

Mr Wright added that he was proud of Chrysalis' "track record".

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