UPDATE 2-Bertelsmann's BMG weighs possible acquisition of Concord, Bloomberg News reports

German media group Bertelsmann's BMG Rights Management ‌is considering a cash-and-stock offer for music company Concord in a deal that could be valued as ⁠high as $7 billion, Bloomberg News reported on Thursday, citing sources.

Reuters could not immediately verify the report. BMG declined to comment when contacted by Reuters, ​while Bertelsmann and Concord did not respond to requests for comment. Music ‍company BMG, and Concord, which is majority owned by the State of Michigan Retirement System, are still in negotiations, the report said.

Concord, an independent music company, ⁠supports more ‌than 125,000 artists ⁠and songwriters including Daft Punk, Imagine Dragons, and Phil Collins, according to its website. The ‍company, headquartered in Nashville, has a catalog of 1.3 million songs, compositions, ​sound recordings, films, plays, and musicals.

BMG represents some of the world's ⁠iconic songwriters, including Mick Jagger, John Legend, Pitbull, and Bruno Mars. Bob Valentine, Concord’s chief ⁠executive officer, is expected to lead BMG if a deal is reached, Bloomberg reported.

Bertelsmann named family member Thomas Coesfeld as its ⁠new chief executive from January 1, 2027, the company said in November. Coesfeld ⁠is currently ‌the boss of BMG, a role he has held since 2023.