Source Pravda.Ru

Universal Music said to buy BMG Music Publishing for $2.05 billion

Vivendi SA's Universal Music Group has reached a tentative agreement with German media company Bertelsmann AG to acquire BMG Music Publishing for $2.05 billion (Ђ1.6 billion), a person familiar with the deal said Tuesday.

The agreement was expected to be signed as early as Wednesday, according to the person, who spoke on condition of anonymity, citing the confidential nature of the negotiations.

BMG Music Publishing owns the rights to more than a million songs by recording artists such as Nelly, Maroon 5 and Mariah Carey.

Universal edged out a number of rival bidders for the publishing unit, the person said, reports AP.