DreamWorks Music Publishing is on the block, sources say, and is being shopped by Howard Wattenberg of the New York firm of Grubman, Indursky & Schindler. The asking price for the company is $40 m
DreamWorks Music Publishing is on the block, sources say, and is being shopped by Howard Wattenberg of the New York firm of Grubman, Indursky & Schindler.
The asking price for the company is $40 million-$60 million, according to one well-placed source, who adds that some unidentified potential buyers have become skittish about the high price tag.
The music publisher is owned by DreamWorks SKG, the partnership of Hollywood moguls Steven Spielberg, Jeffrey Katzenberg and David Geffen. In December, DreamWorks SKG sold its DreamWorks Records label to Universal Music Group for nearly $100 million; the imprint has become part of Geffen Records, run by co-presidents Jordan Schur and Polly Anthony.
Founded in 1996 by longtime publishing executive Chuck Kaye, Dreamworks Music Publishing has a broad catalog that includes copyrights by Sammy Cahn, Billy Strayhorn, the Byrds, John Denver, Leon Russell, Rickie Lee Jones, Stevie Ray Vaughan and X, as well as such contemporary acts as Alien Ant Farm, Deadsy, Rufus Wainwright, BT, Papa Roach and Lifehouse. Its holdings also include API Music's country hits and the Six Strings catalog of '70s R&B and disco classics. DreamWorks Nashville's writers include Troy Seals and Allison Moorer.