HITS Daily Double


Warner Music Group has raised its corporate hand to acknowledge that it's the company interested in acquiring French digital-music enterprise Believe.

Robert Kyncl's WMG confirmed that it would value Believe at a price of at least €17 per share and is awaiting access to the due-diligence information requested on 2/27 before submitting a formal proposal.

WMG spelled out the advantage it would provide over other bidders, specifically a consortium formed by EQT, TCV and Believe founder/CEO Denis Ladegaillerie; WMG said it would provide Believe with strategic support and financial stability to boost the development and growth of the company and provide better financial terms, adding every dealmaker’s favorite two words: all cash.

Believe is listed on the Euronext Paris exchange, and WMG believes (see what we did there) that action taken by the consortium after it learned of WMG’s interest could be a violation of French securities regulations.

WMG plans to keep the market updated on any further material developments relating to the purchase. WMG brass is already checking early summer flights to Bordeaux during the release of first growth futures.

Pictured: Kyncl (in blue), Ladegaillerie (in blue eyes)