Chrysalis sold to German publisher BMG
Chris Wright, the man behind music business Chrysalis for the last 43 years, could really claim "I Did it My Way" for his anthem today as he collected £30 million by selling it to German publisher BMG.
Chrysalis owns the rights to more than 100,000 songs, including the Northern American ones to Sinatra's signature tune, Blondie, David Bowie and Sheryl Crowe.
BMG, which is jointly owned by Bertelsmann and Kohlberg Kravis Roberts has the rights to 200,000 songs, including those by ZZ Top and Roy Orbison.
"It's a very poignant moment for me," said Wright. "It has been my whole life building this business but this is the right move at the right time."
Chrysalis sold its original record business to EMI in the early 1990s. It then built up a radio arm including Heart and Galaxy which it sold for
£170 million to Global Radio in 2007.
Today's business exploits writers' and artists' copyrights to their songs.
The firm still collects some $1 million (£637,500) a year from "My Way" and around 200,000 (£168,862) from Blondie songs.
The bid values each Chrysalis share at 160p and the business at £107 million.
