Sony/ATV has begun the culling of EMI property from its books, to honor the EU’s conditional approval of their purchase.
First up? A catalog of ‘80s mega jams including Tears For Fears, Devo, and more. The New York Post reports:
First-round bidders for the rights to some 30,000 songs include: BMG Rights, a joint venture of KKR and Bertelsmann; G2 Investment Group; and Primary Wave, which has teamed with Oaktree Capital.
The value of the collection is pegged between $130 million and $150 million, sources said. It generates annual revenue of $25 million and $40 million, according to Billboard.