Bono to buy stake in Nirvana publishing rights?

As reported earlier, Courtney Love is reportedly shopping around for a buyer to a 25% stake in the Nirvana catalogue. The Telegraph reports today that a likely buyer is a company that involves U2 frontman, Bono. "Elevation Partners, the private equity company whose partners include Bono, the U2 singer, is thought to be the front-runner in a multi-million pound deal to acquire a stake in the back catalogue of Nirvana. The deal would give any investor a cut of the royalties every time a Nirvana song is played.

The catalogue is reported to have a total value of up to $100m (57m). Love has said that she wants a partner to co-manage the catalogue, which she finds a large responsibility.

Other groups thought to be in the frame are understood to be Sanctuary, the music group, and Chrysalis, the media group. Chorion, the intellectual property rights company, has also been mooted as a potential buyer although industry insiders have questioned the fit between its brands - which include Mr. Men and Enid Blyton - and Nirvana. A media executive said that Nirvana's songs would be a good asset. However he cautioned that a minority stake would make any acquirer a 'passenger on Love's bus'."
As of this moment, no official statement has been made concerning the sale. Read the complete story here.

Posted in NFC news section at on 03-26-2006 @ 10:12 PM (GMT).

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