Chrysalis buys Richard Marx catalogue for up to $8 mln
* To pay $7.5 mln in cash
* Says looking to build net publishers share
* Shares rise 1.8 pct
June 29 (Reuters) - British music publisher Chrysalis Group Plc (CHS.L) said on Monday it had acquired U.S.-based singer and songwriter Richard Marx's catalogue for up to $8 million.
The company said the deal included a payment of $7.5 million to Richard Marx in cash and a further $0.5 million based on future net publishers share (NPS) targets over the next five years.
"This acquisition represents the latest step in our strategy to grow our high quality portfolio of music publishing rights. We continue to review other similar opportunities to build our NPS," Chairman Chris Wright said in a statement.
The catalogue, which includes well-known classic songs including "Right Here Waiting," "Hazard," "Endless Summer Nights", "Now and Forever" and "Dance With My Father", will add to Chrysalis's existing catalogue of over 65,000 copyrights, it said.
Chrysalis, which owns songs by David Bowie, Blondie and Gnarls Barkley, said Richard Marx had sold over 30 million records as a recording artist and had written 13 U.S. No.1 hits.
At 0710 GMT, Chrysalis shares were up 1.8 percent in thin trading at 56.475 pence on the London Stock Exchange. (Reporting by Usman Merchant in Bangalore; Editing by Gopakumar Warrier)
