UPDATE 1-Bertelsmann's BMG weighing possible acquisition of Concord, Bloomberg News reports

(Adds details, background throughout) Jan 29 (Reuters) - German media group Bertelsmann's BMG Rights Management is considering a cash-and-stock ‌offer for music company Concord, in a deal that could be valued as high as $7 billion, ⁠Bloomberg News reported on Thursday, citing sources.

(Adds details, background throughout) Jan 29 (Reuters) -

German media group Bertelsmann's BMG Rights Management is considering a cash-and-stock ‌offer for music company Concord, in a deal that could be valued as high as $7 billion, ⁠Bloomberg News reported on Thursday, citing sources. Reuters could not immediately verify the report. Bertelsmann, BMG and Concord did not immediately respond ​to Reuters' requests for comment. Music company BMG, and Concord, which is ‍majority owned by the State of Michigan Retirement System, are still in negotiations, the report said. Concord, an independent music company, supports more than 125,000 artists and ⁠songwriters ‌including Daft ⁠Punk, Imagine Dragons, and Phil Collins, according to its website. The company, headquartered in ‍Nashville, has a catalog of 1.3 million songs, compositions, sound recordings, films, ​plays, and musicals.

BMG represents some of the world's iconic songwriters, including ⁠Mick Jagger, John Legend, Pitbull, and Bruno Mars. Bob Valentine, Concord's chief executive ⁠officer, is expected to lead BMG if a deal is reached, Bloomberg added. Bertelsmann named family member Thomas Coesfeld as ⁠its new chief executive from January 1, 2027, the company said in ⁠November. Coesfeld is ‌currently the boss of BMG, a role he has held since 2023.

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