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BMG Exits Live Music Business By Selling Stakes in Undercover and Karo – Billboard

Urban Zintel

BMG is getting out of the live music business. The German music company agreed to sell its stakes in two live music companies, Undercover and Karo, to the minority shareholders, the company announced Friday (Dec. 22).

The move comes less than a month after the company said it would focus on its core recorded music and publishing businesses and announced a new organizational structure. “Fifteen years after the emergence of streaming, music is going through another tectonic change,” new CEO Thomas Coesfeld, who replaced Hartwig Masuch as CEO in July, said at the time. “It is vital we now reengineer our business to make the most of that opportunity.

In an interview with Billboard in October, Coesfeld talked about adopting a more streamlined business model. “I’m truly convinced we can only be effective if we are not…

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