Apollo invests $1.25 billion in BMG after its merger with Concord

Apollo Global Management (NYSE: APO) announced that Apollo-managed funds and affiliates have provided a $1.25 billion equity capital solution to support the combination of BMG and Concord, according to a press release dated Sept. 17, 2026.

Under the terms of the transaction, Apollo acquired a noncontrolling interest in a BMG subsidiary that holds the legacy Concord asset-backed securities (ABS), backed by a catalog of over one million songs. The equity investment enables BMG to repay certain outstanding ABS liabilities.

The combined company retains the BMG name and is headquartered in Nashville, Tennessee. The combined entity spans music publishing, recorded music, theatrical rights, and digital distribution.

Apollo Partner Jamshid Ehsani said, "We are pleased to support the transformative combination of BMG and Concord through a tailored, non-dilutive equity investment that strengthens the combined company's financial positioning as it enters this exciting next chapter."

BMG CEO Bob Valentine said, "The combination of BMG and Concord marks a defining moment in our company's evolution. Apollo's continued partnership and confidence in our strategy further strengthens our financial foundation and positions us to champion artists and songwriters, and to pursue global long-term growth opportunities."

Apollo has supported Concord's issuance of over $4.5 billion of ABS debt since 2022 through a long-term financing partnership. Over the past five years, Apollo states it has originated over $8 billion in music industry investments.

BMG is privately held and part of Bertelsmann, with a minority stake held by affiliates of Great Mountain Partners. Deutsche Bank and Latham & Watkins LLP served as financial and legal advisors to Apollo, respectively. Goldman Sachs, DLA Piper, and Davis Polk advised BMG on the transaction.

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