BMG Buys Zomba Music for $3 Billion
BMG, the music division of German media conglomerate Bertelsmann AG, announced yesterday that it has agreed to take control of Zomba Music Group, the record label that revived the teen pop genre with the likes of Britney Spears and ‘N Sync. The deal, which is estimated to be worth $3 billion, will end Zomba’s status as the world’s largest independent label. It will also provide a huge payday to Zomba founder, Clive Calder, who industry insiders credit with being out in front of some of the biggest trends, including teen pop, rap and Christian rock. Spears and ‘N Sync have… Read more »