LONDON, Nov. 27 (UPI) -- The founder of the venerable Chrysalis record label says the time had come to sell the company to BMG Rights Management.
Chris Wright told Britain's The Daily Telegraph that Chrysalis probably wasn't sustainable in the long term and that it was time to sell.
BMG Right Management agreed to acquire Chrysalis, which owns the rights to the music of Michael Jackson among others, in a cash deal worth more than 107 million pounds ($167 million).
Chrysalis had been the target of other major music companies along with BMG.
BMG Chief Executive Hartwig Masuch said acquiring Chrysalis put BMG in position to lure big-name talent away from other labels, however the Telegraph said some industry observers don't consider Chrysalis to be a big enough name to have much impact on the current landscape of the music industry.