Music group Chrysalis has agreed a takeover deal to the tune of £107.4 million.
The group, whose back catalogue includes tracks by David Bowie and Michael Jackson, is to be bought by German rival Bertelsmann Media Group (BMG) and private equity group Kohlberg Kravis Roberts.
Chris Wright, founder of Chrysalis, said the deal marks “the end of one era and the start of another” for the firm.
BMG – which has a catalogue including Coldplay, Britney Spears and Westlife – said the acquisition will enhance its position as a leading music rights publisher and expand its offering to music customers worldwide.
Chrysalis was founded in 1969 and now operates in the areas of music publishing, music recording, artist management and entertainment product distribution.
It has a 70,000-strong catalogue of music copyrights from legendary artists and up and coming performers.