BMG Rights Management has acquired the music publishing assets of Crosstown Songs America, covering 8,000 songs. Financial terms were not disclosed.

It is the first acquisition for the new global music rights management joint venture of Bertelsmann AG and investment company Kohlberg Kravis Roberts & Co (KKR).

The Crosstown Songs America deal includes new copyrights on songs from some of the top-selling albums of the past two years, according to a statement.

The L.A.-based music publisher has copyrights on songs including Britney Spears' "Toxic," Ricky Martin's "Livin' La Vida Loca" and Sheryl Crow's "All I Wanna Do."

"The acquisition of Crosstown represents a significant first step for the new joint venture and our desire to define a new business standard in managing the licensing and administration of content rights," said Hartwig Masuch, CEO of BMG Rights Management in Berlin, in a statement.

The transaction is subject to approval under applicable competition laws and other customary conditions.

Since its founding in late 2008, BMG Rights Management has completed more than 100 signings and now represents the rights of Jim Beanz, Toby Gad, 2Raumwohnung, Peter Fox, Nena, Sasha, Cascada, A-ha, La Roux, Alison Moyet and Vaya Con Dios. The joint venture deal with London-based KKR was signed last month, with KKR taking a 51% stake.

Crosstown was advised by Signal Hill as financial advisor and Faegre & Benson LLP as counsel. BMG was advised by Manatt Phelps & Phillips LLP and Simpson Thacher & Bartlett LLP as co-counsel.

Questions? Comments? Let us know: @billboardbiz

Print