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Calder stands down after $2.7bn buyout.
BMG's most senior worldwide executives are set to fly in to London tomorrow (Tuesday) for their first summit meeting with Zomba's top European executives following the major's completion of its purchase of the world's largest indie last week.
BMG chairman and CEO Rolf Schmidt-Holtz and COO Michael Smellie are hosting the session, which is likely to be attended by Zomba founder Clive Calder. Among the Zomba UK executives set to be present are Steve Jenkins, Steven Howard and Pinnacle's Steve Mason. A similar meeting is set to be held in New York today (Monday).
Senior sources within both BMG and Zomba insist it is too early to say how the indie is set to be incorporated into the major, which last week confirmed it is paying $2.74bn for the 75% of the company it did not previously own. However BMG, which has been trying to negotiate a reduction in the price it was due to pay ever since Calder exercised his put option forcing the sale back in June, is likely to want to move quickly to maximise the value of the deal. The price it eventually paid was around $260m less than the $3bn it originally estimated the put option to be worth.
The various options for Zomba's UK operations range from keeping its record, publishing and distribution arms totally separate from BMG through to merging all or part of them. Of particular ...
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