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Warner Music Won’t Bid for Believe After All
Warner Music Group's plan to buy French music company Believe has been dropped.
Believe followed up in a statement, saying it will “review the situation with all interested parties (including the consortium) to determine next steps in relation to the possible evolution of the company’s control.” The shift arrives less than two weeks after Believe’s board of directors gave WMG the green light — and access to financial data — to make a formal bid for the company, which owns digital distributor TuneCore, publishing administration service Sentric and a stable of record labels including Naïve, Nuclear Blast and Groove Attack. Upon learning of WMG’s interest in Believe, the consortium tried to speed up the acquisition process by waiving a condition that the board’s ad hoc committee receive an independent expert report into the financial fairness of their offer.
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