BMG to Buy Concord in Major Indie Music Merger

In one of the biggest music mergers in more than a decade, BMG, which represents artists like Jelly Roll and Lainey Wilson, and Concord, owner of songs by Creedence Clearwater Revival, Phil Collins and R.E.M., said on Tuesday (April 28) they reached a definitive agreement to merge companies under the BMG name.

The combined company will be 67% owned by Bertelsmann, BMG’s parent company, and 33% owned by affiliates of Concord’s backers Great Mountain Partners. The companies said certain affiliates of Great Mountain Partners will get a one-time cash payment of $1.16 billion. Leading the combined companies as CEO will be Concord’s CEO Bob Valentine, with BMG’s CEO Thomas Coesfeld taking the role of chairman and, as of January 2027, the role of CEO of Bertelsmann. The companies said the merger is expected to achieve $1.2 billion in earnings before interest, tax, depreciation and amortization (EBITDA) in the mid-term based off a pro forma EBITDA base of more than $730 million in 2026.

BMG and Concord have long been two of the largest music companies after the three music majors —Universal Music Group, Sony Music Group and Warner Music Group — and a tie-up will help the companies scale their significant publishing and record label businesses, their capital intensive music catalog investments and frontline artist divisions and improve resources and technology amid heightened competition for market share.

“We believe this is a truly one-of-a-kind opportunity to bring together two world-class teams and rosters at the right moment, as scale in rights ownership becomes increasingly critical to long-term growth,” said BMG CEO Coesfeld, who is set to become Bertelsmann’s CEO in 2027.

“This transaction accelerates our … ambitious and sustained approach to investing in artists and songwriters, as well as in rights, technology, AI tools, and the talent shaping the industry. As one unified business, we will further deepen our position as a preferred global partner to artists, songwriters, and platforms, combining scale with the agility and independence they value.” 

A combined BMG and Concord would make up about 2.66% overall market share in the U.S. based on 2025 numbers, which still significantly trails the majors. However, the combined companies could be considered a quiet major given their scaled publishing and catalog rights, and an estimated $2 billion in combined annual revenue.

“We are excited to begin working together to build something truly exceptional,” said Valentine, Concord CEO and designated CEO of the combined company. “Both companies were founded to support great artistry and with a deep sense of responsibility to the performers, songwriters, and playwrights we serve. We share a philosophy grounded in artist development, strategic long-term management of IP, and operational discipline. Our greater scale will allow us to invest more in creative talent, global reach, accretive acquisition opportunities, and technology, while preserving the nimble, entrepreneurial spirit that artists and songwriters value most. This is not about replicating the major label model; it’s about using scale to strengthen independence. Together, we will build a company that gives artists more reach and more flexibility — all designed to support their distinct visions.”

The deal is subject to regulatory approval, but is expected to close in the second half of 2026. Terms of the transaction were not disclosed.

Davis Polk & Wardwell LLP is serving as legal counsel to BMG. J.P. Morgan is serving as financial advisor to Concord and Latham and Watkins LLP and Reed Smith LLP are serving as legal counsel. Alston & Bird LLP is advising Great Mountain Partners.