Bertelsmann to Buy Out K.K.R.’s Stake in Joint Music Venture

Bertelsmann, the German media conglomerate, said Friday that it would acquire Kohlberg Kravis Roberts’s stake in their joint music venture, taking full control of the business, BMG. With K.K.R., Bertelsmann has helped build BMG into one of the largest music rights businesses, which owns the rights to songs by Bruno Mars, Johnny Cash, and Will.i.am. “This is a great day for Bertelsmann,” Bertelsmann chairman and chief executive Thomas Rabe said in a statement. “We are bringing the music home to our group.”