Universal Music to Buy RS Group Catalog in Thailand, Establish Partnership in Fast-Growing Market
variety.comPatrick Frater Asia Bureau Chief Universal Music Group has struck an agreement to acquire majority control of the second largest music catalog in Thailand, one of the fastest growing music markets in Asia.
It is buying 70% of the music catalog of RS Group, a stock market-listed music distributor and artist management group. In its regulatory filing, RS group said that UMG is paying $45 million (THB1.61 billion) for the stake and that earn-out payments could lift this by a further $44.9 million (THB174 million).
The deal is expected to close in the third quarter of the year. The music catalog will then form the core of a new partnership between UMG and RS Group with UMG becoming RS Group’s exclusive music service partner for new releases and new music repertoire worldwide.
UMG will also receive exclusive rights of first refusal and matching rights to acquire new releases and repertoire. UMG will become the second-largest player in the Thai music market.
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