Paris-based music company Believe has fully acquired Doğan Music Company (DMC), said to be Turkey’s largest independent record label.
Believe reached a preliminary agreement with DMC in 2020 to acquire a 60% majority stake in the brand 18.8 million euros (net of €1.6 million in cash for the acquisition). The deal includes the merger of Doğan Music Yapım ve Ticaret A.Ş. and Netd music video digital platform and trading company. Within the believe group.
According to the latest news on Tuesday (August 6), Believe has now reached an agreement with Doğan Group to exercise the call option and acquire the remaining shares 40% DMC total €38.3 million (Approximately $41.8 million at current exchange rates).
In an update to the market on Tuesday (August 6), Believe said the deal still requires approval from competition regulators.
The Istanbul DMC deal marks the latest M&A move by buyout firm Believe, which just last month acquired a 25% A stake in the Bucharest-based global record label, which has offices in Romania, Germany and the United States.
Global is said to be the largest independent music company in Central and Eastern Europe.
Believe’s investments in Global and DMC follow confirmation on June 24: most Believe’s share capital is now owned by a consortium including EQTX, TCV, and Believe Founder and CEO, Dennis Denis Radgallery.
As of July 15, the consortium held 96.02% Believe’s share capital (see below).
The founder and CEO of Believe gave an exclusive interview to Music Business Worldwide in June. Denis Radgallery Indicates that Believe is planning to spend €200 to €300 million It develops its global business through acquisitions every year.
Speaking to MBW, Ladegaillerie said: “we and EQT and TCV Boost our existing organic growth. We will continue to invest in our organic growth strategy and make acquisitions to expand market share.
He added: “The first element of our acquisition strategy today is the top 10 markets. We want to be number one in those markets. We are already the biggest player. [on local repertoire] exist France; The third largest player Germany; Largest player India; The third largest player Japan. We want to do more. this America England, and Japan All are our top priorities.
“At the same time, we will continue to make very qualitative, targeted acquisitions in various areas [smaller] Markets you’ve recently seen Türkiye, Philippines, and elsewhere.
Believe announced its financial performance for the first half of 2024 (the six months ended June 30) on Thursday (August 1).
The company trades on Euronext Paris and generates revenue of EUR 474.1 million euros (approximately US$510 million) the entire business in the first half.
global music business
