Sony/ATV seeks songs, may expand into touring

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LONDON/NEW YORK (Reuters) - Music publisher Sony/ATV is well placed to purchase catalogues of songs that come to the market and would consider expanding into artist management and touring, its chief executive said>

Sony/ATV, a joint venture between Sony Corp (6758.T: Quote, Profile, Research) and pop star Michael Jackson, expects more music catalogues to be put up for sale this year as people look to cash in profits in a slowing economy, said CEO Martin Bandier in a telephone interview.

“To the extent that large acquisitions become available, Sony/ATV is in a particularly good place,” he said. “It’s hard to overpay for a great Picasso…if you’re buying quality music that will last for generations. Great songs are a rarity.”

Sony/ATV is a traditional music publisher which makes money every time a piece of music is used>

The company owns rights to classic songs by the Beatles and newer songs by artists like Akon and Fergie.

Bandier, who oversaw the growth of EMI Music Publishing from No. 4 to the largest before he left in 2007, said co-owner Sony recognized the value of music publishing and would likely fund an acquisition with “open arms” if the deal was right.

He said he had shirked from paying over the odds for the Chrysalis (CHS.L: Quote, Profile, Research) catalogue, which was up for sale this month. Chrysalis said this week it had turned down a bid from EMI for 130 million pounds ($256 million).

“I didn’t understand how that was going to work under any circumstances,” Bandier said. He said he was not surprised his former employer EMI and its new private equity owner, Terra Firma, did not agree to raise their price. Continued…