Rodgers And Hammerstein Organization Sold To Imagem Music Group

The Wall Street Journal is reporting that The Rodgers and Hammerstein Organization has been acquired by Imagem Music Group. The exact purchase price is not known, however sources indicate it to be as much as $200 million.

Imagem is owned mainly by the Dutch civil-service pension fund Algemeen Burgerlijk Pensioenfonds, known as ABP, and is managed by CP Masters BV, an independent European music publisher.

For more information, read the WSJ article here.

The Rodgers and Hammerstein Organization had been in the process of shopping out its titles-- which include hits like Oklahoma! and The King and I-- to potential buyers ranging from hedge funds managers to big publishing giants. It was rumored the company had been looking to sell for $325 million, but analysts thought the sale would realistically fetch just over $200 million.

There is a greater purpose behind the move and sources stated that it could be an indication that Mary Rodgers Guettel and Alice Hammerstein Mathias (grandaughters of the company's founders, now in their 80's) were looking to take the company out of the family. A source close to the family told The New York Post, "It's more of an estate-planning thing than anything. [Mary and Alice] have a lot of grandchildren. It's a decision that every [family] company has to face. Do you eventually pass control to a large number of [heirs] who may not necessarily be invested in the business?"

With the recent Broadway hit South Pacific and commercial success of works such as Oklahoma! and The Sound of Music, the outcome for potential buyers could be extremely lucrative, though quite the undertaking. The Post reports that there is an increasing demand for use of R&H material in film and television. In the past, permission was usually denied for these kind of uses because R&H instead wanted to uphold the artistic integrity of their work by only licensing to theatrical production and concerts. This could change drastically in the hands of new owners.

In addition to the famed Rodgers and Hammerstein works, the organization also represents works from Irving Berlin, Lorenz Hart, Adam Guettel, and others.

For more information please visit www.randh.com.