March 30 - BMG Buys Cherry Lane

The Bertelsmann-BMG Rights Management music publisher acquired the New York record label Cherry Lane Music Publishing. The rights by Cherry Lane include approximately 66,000 titles, including the songs of Elvis Presley, the Sex Pistols and Mariah Carey. According to the company a binding agreement has already been made. The purchase price will be approximately 85 million U.S. dollars. With the purchase of Cherry Lane BMG Rights nearly doubled its revenues.