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Music licensing companies BMG and Concord will combine their businesses, to operate under the name BMG. The merger is not expected to impact Concord Theatricals, which will be housed under the combined company. The Concord Records recorded musical division will live on as a separate entity.
Together, BMG and Concord will form a fully integrated global music company spanning music publishing, recorded music, theatrical rights, and digital distribution. This increased scale will enable deeper investment in creativity, next-generation technology, and world-class talent, and will preserve the entrepreneurial approach that artists, songwriters, and playwrights value.
The company has a mid-term ambition to achieve $1.2 billion in EBITDA, building from a pro forma EBITDA base of more than $730 million in 2026, driven through organic growth, M&A, and synergies.
“We believe this is a truly one-of-a-kind opportunity to bring together two world-class teams and rosters at the right moment, as scale in rights ownership becomes increasingly critical to long-term growth,” said Thomas Coesfeld, Chief Executive Officer of BMG and designated Chairman of the combined company. “This transaction accelerates our successful BMG Next strategy by enabling a more ambitious and sustained approach to investing in artists and songwriters, as well as in rights, technology, AI tools, and the talent shaping the industry. As one unified business, we will further deepen our position as a preferred global partner to artists, songwriters, and platforms, combining scale with the agility and independence they value. We look forward to this next chapter and to the opportunities it creates for artists, songwriters, and partners.”
“We are excited to begin working together to build something truly exceptional,” said Bob Valentine, Chief Executive Officer of Concord and designated CEO of the combined company. “Both companies were founded to support great artistry and with a deep sense of responsibility to the performers, songwriters, and playwrights we serve. We share a philosophy grounded in artist development, strategic long-term management of IP, and operational discipline. Our greater scale will allow us to invest more in creative talent, global reach, accretive acquisition opportunities, and technology, while preserving the nimble, entrepreneurial spirit that artists and songwriters value most. This is not about replicating the major label model; it’s about using scale to strengthen independence. Together, we will build a company that gives artists more reach and more flexibility – all designed to support their distinct visions.”
Collectively, the companies have invested billions of dollars in music rights and built one of the most diverse and culturally significant rosters in the industry, spanning artists, songwriters, and works from Jelly Roll, Paul Simon, Lainey Wilson, will.i.am, Jason Aldean, Tina Turner, Diane Warren, and Jean-Michel Jarre, to Creedence Clearwater Revival, Daddy Yankee, Denzel Curry, Hamilton, Phil Collins, R.E.M., and The Sound of Music.
Upon closing, Valentine will serve as CEO of the combined company, with Coesfeld serving as Chairman. As previously announced, Coesfeld will assume the role of CEO of Bertelsmann, effective January 1, 2027. A joint management team drawn from both companies will lead the business. The newly formed company’s global headquarters will be in Nashville, with Berlin serving as its European headquarters. Its publishing division will be named BMG Publishing, and its recorded music division will be called Concord Records.
The combined company will be owned approximately 67% by Bertelsmann and approximately 33% by affiliates of Great Mountain Partners. Affiliates of Great Mountain Partners will also receive a one-time cash payment of $1.16 billion. Bertelsmann will continue to support BMG’s growth trajectory in the dynamic and fast-growing global music market.
