Simon Fuller, the creator of American Idol, is among those bidding for Bug Music, a Los Angeles-based music publisher owned by Spectrum Private Equity, Reuters reported. The company, whose 250,000-plus catalog of songs includes the Drifters hit “Under the Boardwalk,” is expected to fetch as much as $300 million. Fuller’s XIX Entertainment, BMG Music and Ole Music are also among the bidders.
(Reuters) – Pop Idol and American Idol creator Simon Fuller is among the parties in the final stages of bidding for Los Angeles music publisher Bug Music, according to a person familiar with the process.
Bug, which is owned by Spectrum Private Equity, is expected to fetch bids starting around $300 million, according to the person.
Fuller’s XIX Entertainment, BMG Music and Ole Music are among second-round bidders for the publisher whose 250,000-strong catalog of songs includes Iggy Pop’s “Lust for Life” and the Drifters hit “Under the Boardwalk”.
Final bids are due by Friday. (Reporting by Yinka Adegoke. Editing by Robert MacMillan)