BMG Rights has snapped up UK music label Mute, marking its first foray into the recorded music business.
Mute, home to ’80s acts such as Depeche Mode and Erasure, is said to be valued at around $10 million.
The label is being sold by Universal Music Group, which has agreed to divest key assets to gain European approval to buy EMI’s recorded music arm. EMI bought Mute for $37 million in 2002.
Until now, BMG, owned by private-equity giant KKR and German media conglomerate Bertelsmann, has been focused on the publishing side of the music business and buying up a slew of song catalogs.
As The Post first reported, BMG is also near a deal to purchase Sony/ATV’s Rosetta collection of some 500 songs from mostly ’80s artists.
A rep for BMG couldn’t be reached for comment.