BMG, Concord Merger Creates World's Biggest Indie
Thomas Coesfeld, left, and Bob Valentine
In an expected major consolidation in the independent sector, BMG and Concord have entered into an agreement to combine operations, creating the world’s biggest indie music company and fourth-biggest overall.
The merged entity will operate under the BMG name and bring together two of the most aggressive rights investors of the past decade, forming a global conglom spanning publishing, recorded music, theatrical rights and digital distribution.
Its publishing arm will operate as BMG Publishing and its recorded-music business will be branded as Concord Records.
Under the new structure, BMG CEO Thomas Coesfeld will take the role of chairman; Concord CEO Bob Valentine will serve as CEO.
Ownership will be split approximately 67% to Bertelsmann, BMG’s parent company, and 33% to affiliates of Great Mountain Partners, which will also receive a $1.16b cash payment. The transaction is expected to close in the second half of 2026.
The new business, which will be headquartered in Nashville, with Berlin serving as its European base, is projecting roughly $2.2b in 2026 revenue and EBITDA of more than $730m, with a stated mid-term goal of reaching $1.2b through a mix of organic growth, acquisitions and operational synergies.
The joint catalog and roster will span a swath of artists and songwriters that includes Paul Simon, Creedence Clearwater Revival, Tina Turner, Phil Collins, R.E.M., Daddy Yankee, Lainey Wilson, Jelly Roll, will.i.am and Jason Aldean and theatrical properties like The Sound of Music and Hamilton.
“We believe this is a truly one-of-a-kind opportunity to bring together two world-class teams and rosters at the right moment, as scale in rights ownership becomes increasingly critical to long-term growth,” said Coesfeld.
Added Valentine, "We are excited to begin working together to build something truly exceptional. Both companies were founded to support great artistry and with a deep sense of responsibility to the performers, songwriters and playwrights we serve. This is not about replicating the major label model; it’s about using scale to strengthen independence.”
Both companies enter the deal following sustained acquisition runs. Since 2021 BMG has invested more than $1.5b in catalog acquisitions and an equivalent sum in signings, licensing and technology as part of its “BMG Next” strategy. Concord, meanwhile, has deployed more than $3b since 2020 in publishing, recorded music and theatrical rights, building a catalog of more than 1.3m works and supporting over 125k artists and songwriters globally.