Warner Music | Image:Warner Music
Warner Music Group will not be tendering an offer for owning French digital music company Believe, the American music label said on April 6.
Warner Music had unravelled plans in March to submit a bid of at least 17 euros ($18.42) per share for Believe, pegging its value at 1.65 billion euros ($1.79 billion), which ups its previous bid for a takeover from a consortium.
The consortium, which comprises Believe’s largest shareholders, had tendered 15 euros per share for the company, valuing it for about 1.52 billion euros. This offer was also supported by the board of directors of the company.
In a statement, Believe said it will “review the situation with all interested parties (including the consortium) to determine next steps in relation to the possible evolution of the company’s control.”
Believe is home to music labels such as TuneCore, Naive and Nuclear Blast and works with musicians and music labels, assisting them to build up their brand through social media and publish their work on streaming music platforms.
The company was founded by Denis Ladegaillerie in 2005.
(With Reuters Inputs)
