Beverly Hills, Ca.-based music publisher Windswept Holdings is up for sale, according to an informed industry source.
As previously reported in Billboard, Beverly Hills, Ca.-based music publisher Windswept Holdings is up for sale.
According to an informed industry source, Tokyo-based Fujipacific Music and Fuji Television Network, which belong to the Fujisankei Communications Group media conglomerate and which each have a 50% stake in Windswept, have decided to sell the U.S. publisher because of financial losses Fujisankei incurred during the recent Livedoor debacle.
Last year Tokyo-based Internet service provider Livedoor purchased a stake in Fujisankei's Nippon Broadcasting System radio network in a failed attempt to gain control of Fuji Television. Fujisankei eventually bought Livedoor's stake in NBS as well as a stake in Livedoor.
But the value of that investment fell drastically earlier this year after Livedoor was accused of window-dressing its accounts and the company's president, Takafumi Horie, was arrested for violations of Japan's Securities and Exchange Law.
Windswept Holdings, which has a 150,000-song catalog, was established in 1999 following Fujisankei's sale of the 40,000-song Windswept Pacific catalog to EMI Music Publishing.
The source says some 20 publishers are now bidding for the Windswept Holdings catalog.