Apollo backs BMG-Concord music merger with $1.25B equity injection
What's the deal? BMGDealroom has a profile for this one. Try Dealroom → and Concord have completed a merger, backed by US$808.8M equity investment from Apollo (NYSE: APO). The combined company keeps the BMG name and is headquartered in Nashville, Tennessee.
What's the endgame? The merger brings together music publishing, recorded music, theatrical rights, and digital distribution. It creates a larger platform for managing and commercialising music and entertainment intellectual property.
Why now? Apollo structured the deal as equity rather than adding debt, letting BMG partially repay outstanding asset-backed securities (ABS) tied to Concord's catalog. Through Apollo-managed funds, the firm acquired a noncontrolling interest in a BMG subsidiary holding those ABS, backed by more than 1 million songs.
The investment builds on an existing relationship. Since 2022, Apollo has supported more than $4.5 billion of Concord ABS debt issuance.
Why it matters: Music catalogs support structured financing because royalties from streaming, licensing, and synchronisation generate recurring cash flows. Apollo said it has originated more than $8 billion of music-industry investments over the past five years.
"We are pleased to support the transformative combination of BMG and Concord through a tailored, non-dilutive equity investment," Apollo partner Jamshid Ehsani said.
BMG chief executive officer Bob Valentine called the merger "a defining moment in our company's evolution." Founded in 2008, BMG is privately held and part of BertelsmannDealroom has a profile for this one. Try Dealroom →, with affiliates of Great Mountain PartnersDealroom has a profile for this one. Try Dealroom → holding a minority stake.
The signal: The deal marks Apollo's push beyond traditional corporate lending into equity and asset-backed finance. With roughly $1.05 trillion in assets under management as of June 30, 2026, the firm is treating music as a growing institutional asset class.
Read more: citybiz.co
Image credit: audiomixhouse
