March 1, 2013 / 9:06 AM / 4 years ago

Bertelsmann says BMG deal values the business at 1.1 bln eur

FRANKFURT, March 1 (Reuters) - Bertelsmann's purchase of the 51 percent in BMG it did not already own values the music rights management company at 1.1 billion euros ($1.4 billion), the German media conglomerate's chief executive told Reuters.

CEO Thomas Rabe also said the deal, which was financed out of Bertelsmann's cash reserves, was struck with the intention to retain sole control over BMG, and that it will not look for an alliance with rivals.

"We are not looking for types of cooperations. We are happy for BMG to fully belong to Bertelsmann again. BMG has a strong partner in the form of Bertelsmann," Rabe said.

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