Overview
- A definitive agreement announced Tuesday to combine BMG with Concord would close in the second half of 2026 pending approvals, with Bertelsmann targeting September or October.
- The merged company will be owned about 67% by Bertelsmann and 33% by affiliates of Great Mountain Partners, which will receive a one-time $1.16 billion payment.
- Concord CEO Bob Valentine will lead the new BMG as CEO, BMG chief Thomas Coesfeld will serve as chairman, and the business will be organized as BMG Publishing and Concord Records with global headquarters in Nashville and a European base in Berlin.
- The companies outlined 2026 pro forma revenue of about $2.2 billion and EBITDA of roughly $730 million, with a mid-term goal of $1.2 billion in EBITDA driven by growth, acquisitions, and cost synergies.
- Bertelsmann said job cuts are unavoidable as systems and teams are combined, citing efficiency gains from shared operations and AI tools.