17 September 2026 • 2 minute read
DLA Piper advises BMG on Apollo's US$1.25 billion investment following landmark Concord combination
DLA Piper advised BMG, a division of Bertelsmann, on Apollo-managed funds and affiliates' US$1.25 billion investment in support of BMG's recently completed combination with Concord.
The deal brings together two leading music companies to create a global business operating under the BMG name, with the combined Concord/BMG entity now ranked as the fourth-largest music company globally. The combined business has complementary operations spanning music publishing, recorded music, theatrical rights, digital distribution, film, and television.
As part of the investment, Apollo acquired a noncontrolling interest in a BMG subsidiary holding Concord's legacy US$2.5 billion asset-backed securitization, backed by a catalog of more than one million songs. DLA Piper previously represented Concord on that securitization and, in connection with the combination, the firm’s Structured Finance team, led by Partner Claire Hall, and Tax team, led by Partner Gerald Rokoff, assisted BMG with amendments to the Concord ABS structure. The investment provides equity capital enabling BMG to repay certain outstanding asset-backed securitization liabilities while strengthening the combined company's capital structure.
"The deal reflects DLA Piper’s strength in structuring sophisticated capital markets solutions to support growth in the media and entertainment industry," said DLA Piper Partner Robert J. Sherman, who led the matter. "We were pleased to help BMG execute a complex, multidisciplinary transaction in connection with its combination with Concord, bringing together leading participants across media and entertainment, private equity, and capital markets while demonstrating the value of DLA Piper’s integrated platform."
In addition to Sherman, Hall (both Los Angeles), and Rokoff (New York), DLA Piper’s deal team included Partners Alexander Meiseles (New York) and John Wei (Boston), and Associates Samuel Nofer (Philadelphia) and Payvand Coyle (Los Angeles).
DLA Piper's market-leading international team of media, sport, and entertainment lawyers, located throughout the Americas, Asia Pacific, Europe, Africa, and the Middle East, advise on M&A, finance, borrowing, investment and corporate issues, production and rights acquisitions, exploiting media rights, staging and exploiting live sports and other events, intellectual property protection and enforcement, regulatory and administrative issues, antitrust and competition law, stadium and arena development, and the resolution of disputes.
The deal brings together two leading music companies to create a global business operating under the BMG name, with the combined Concord/BMG entity now ranked as the fourth-largest music company globally. The combined business has complementary operations spanning music publishing, recorded music, theatrical rights, digital distribution, film, and television.
As part of the investment, Apollo acquired a noncontrolling interest in a BMG subsidiary holding Concord's legacy US$2.5 billion asset-backed securitization, backed by a catalog of more than one million songs. DLA Piper previously represented Concord on that securitization and, in connection with the combination, the firm’s Structured Finance team, led by Partner Claire Hall, and Tax team, led by Partner Gerald Rokoff, assisted BMG with amendments to the Concord ABS structure. The investment provides equity capital enabling BMG to repay certain outstanding asset-backed securitization liabilities while strengthening the combined company's capital structure.
"The deal reflects DLA Piper’s strength in structuring sophisticated capital markets solutions to support growth in the media and entertainment industry," said DLA Piper Partner Robert J. Sherman, who led the matter. "We were pleased to help BMG execute a complex, multidisciplinary transaction in connection with its combination with Concord, bringing together leading participants across media and entertainment, private equity, and capital markets while demonstrating the value of DLA Piper’s integrated platform."
In addition to Sherman, Hall (both Los Angeles), and Rokoff (New York), DLA Piper’s deal team included Partners Alexander Meiseles (New York) and John Wei (Boston), and Associates Samuel Nofer (Philadelphia) and Payvand Coyle (Los Angeles).
DLA Piper's market-leading international team of media, sport, and entertainment lawyers, located throughout the Americas, Asia Pacific, Europe, Africa, and the Middle East, advise on M&A, finance, borrowing, investment and corporate issues, production and rights acquisitions, exploiting media rights, staging and exploiting live sports and other events, intellectual property protection and enforcement, regulatory and administrative issues, antitrust and competition law, stadium and arena development, and the resolution of disputes.