Apollo Provides $1.25 Billion Capital Solution to Support Combination of BMG and Concord

Apollo invests $1.25 billion for a noncontrolling stake in a BMG unit holding Concord ABS, supporting debt repayment after the BMG–Concord merger.

Rhea-AI Summary

Apollo (APO) provided a $1.25 billion equity capital solution to support the recently completed combination of BMG and Concord, which unites music publishing, recorded music, theatrical rights and digital distribution under the BMG name in Nashville.

Under the transaction, Apollo acquired a noncontrolling minority interest in a BMG subsidiary that holds the legacy Concord asset-backed securities (ABS), backed by a catalog of more than 1 million songs. The equity investment enables BMG to repay certain outstanding ABS liabilities and is described by Apollo as a tailored, non-dilutive capital solution. Apollo highlights this deal as part of its broader role providing high-grade capital solutions, having supported over $4.5 billion of Concord ABS issuance since 2022 and originated more than $8 billion in music industry investments over the past five years.

Positive

• $1.25 billion equity investment deployed into BMG subsidiary tied to music assets
• Investment supports repayment of certain outstanding ABS liabilities at BMG
• Apollo references over $4.5 billion of Concord ABS issuance supported since 2022
• Apollo reports originating over $8 billion in music industry investments in five years

Negative

• None.

Market Context

Apollo’s comparable capital-solution announcements were accompanied by 1.92% declines for Bayer and ...

Analysis

Apollo’s comparable capital-solution announcements were accompanied by 1.92% declines for Bayer and The Executive Centre. The ONEOK minority investment coincided with a 0.83% increase, indicating mixed historical reactions.

Key Figures

Equity capital solution: $1.25 billion Music rights catalog: over 1 million songs ABS debt issuance: over $4.5 billion +1 more

Equity capital solution

$1.25 billion

Apollo-managed funds and affiliates supporting the BMG-Concord combination

Music rights catalog

over 1 million songs

Legacy Concord ABS-backed catalog

ABS debt issuance

over $4.5 billion

Concord issuance supported by Apollo since 2022

Music industry investments

over $8 billion

Apollo-originated investments over the past five years

Historical Context

3 past events · Latest: Sep 16

3 events

1. Sep 16

   Bayer capital solution

   24h Move

   -1.9%

   Apollo closed a €3 billion equity capital solution involving Bayer’s LARC business.

2. Sep 15

   TEC financing

   24h Move

   -1.9%

   Apollo arranged $585 million financing primarily to refinance existing debt.

3. Sep 10

   ONEOK minority investment

   24h Move

   +0.8%

   Apollo completed a $9 billion minority equity investment in ONEOK.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

abs, noncontrolling interest, non-dilutive

3 terms

abs financial

"holds the legacy Concord ABS, backed by a catalog of over 1 million songs"

Asset-backed securities (ABS) are financial instruments that bundle many individual loans or receivables—such as car loans, credit-card balances or equipment leases—and sell slices of the bundle to investors. Like slicing a loaf of bread into pieces to share, ABS let investors buy a portion of the cash flows from many borrowers, so their credit quality, payment speed and default rates directly affect the income, risk and liquidity investors receive.

noncontrolling interest financial

"Apollo acquired a noncontrolling interest in a subsidiary of BMG"

The portion of a business owned by investors other than the controlling owner when one company has control of another; it represents outside shareholders’ share of the subsidiary’s assets and profits. For investors, it matters because those outside claims reduce the amount of profit and net assets attributable to the parent owner — similar to saying part of a pizza belongs to someone else — and thus affects earnings, book value and valuation.

non-dilutive financial

"through a tailored, non-dilutive equity investment"

Non-dilutive describes funding or income that does not reduce existing shareholders’ ownership percentage. It matters to investors because it lets a company raise money or generate value—through grants, loans, licensing deals, or revenue—without issuing extra shares, so each existing share keeps the same claim on profits and control; think of adding toppings to a cake without cutting it into more slices.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Apollo Receives Minority Interest in Part of BMG’s Music Rights Portfolio; Equity Capital Enables BMG to Partially Repay Outstanding ABS Liabilities

NEW YORK, Sept. 17, 2026 (GLOBE NEWSWIRE) -- Apollo (NYSE: APO) today announced that Apollo-managed funds and affiliates have provided a $1.25 billion equity capital solution to support the recently completed combination of BMG and Concord, bringing together two highly complementary businesses spanning music publishing, recorded music, theatrical rights and digital distribution. The combined company retains the BMG name and is headquartered in Nashville, Tennessee.

Under the terms of the transaction, Apollo acquired a noncontrolling interest in a subsidiary of BMG, which holds the legacy Concord ABS, backed by a catalog of over 1 million songs. Apollo’s equity investment enables BMG to repay certain outstanding ABS liabilities.

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. This transaction is indicative of Apollo's growing role as a provider of high-grade capital solutions to leading corporations across an expanding range of industries and use cases, leveraging our scaled permanent capital base.”

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. Together, we are building a stronger global music company with the scale, capabilities, and resources to capitalize on the opportunities ahead.”

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

Deutsche Bank served as financial advisor and Latham & Watkins LLP served as legal counsel to Apollo. Goldman Sachs served as financial advisor to BMG, and DLA Piper and Davis Polk served as legal counsel to BMG on the transaction.

About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of June 30, 2026, Apollo had approximately $1.05 trillion of assets under management. To learn more, please visit www.apollo.com.

About BMG
Founded in 2008, BMG is committed to building the world’s most trusted, forward-looking music company. Following its combination with Concord in 2026, BMG brings together global scale, deep expertise, technology and partnership to unlock new opportunities for creators while protecting and growing the long-term value and cultural impact of their work.

BMG’s repertoire includes works by iconic global artists, songwriters, composers, and playwrights, including will.i.am, Phil Collins, Tina Turner, Lin-Manuel Miranda, Jason Aldean, Jelly Roll, Evanescence, Kylie Minogue, Billie Holiday, Rodgers & Hammerstein, Creedence Clearwater Revival, Tennessee Williams, OneRepublic, Daddy Yankee, and Leonard Bernstein.

Headquartered in Nashville with 18 offices globally, BMG is privately held and part of Bertelsmann, the international media, services and education company, with a minority stake held by affiliates of Great Mountain Partners.

Contacts

For Apollo:
Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
Communications@apollo.com

For BMG:
Kristal McKanders Dube
EVP, Corporate Communications
BMG
kristal.mckanders@bmg.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What ownership stake does Apollo receive in connection with this transaction?

Apollo receives a noncontrolling minority interest in a subsidiary of BMG. That subsidiary holds the legacy Concord ABS, which are backed by a catalog of over 1 million songs.

How does Apollo describe the nature of this capital solution for BMG?

Apollo describes the investment as a tailored, non-dilutive equity investment that strengthens the combined BMG–Concord company's financial positioning as it enters its next phase following the merger.

What is Apollo’s recent track record in music-related financing?

Since 2022, Apollo has supported Concord’s issuance of over $4.5 billion of ABS debt through a long-term financing partnership and, over the past five years, has originated more than $8 billion in music industry investments.