At stake are the rights to the works of the late Richard Rodgers and Oscar Hammerstein II, the creative duo behind Broadway hits like "The King and I"
and "Oklahoma!."
There look to be more then a half-dozen suitors that could step into the spotlight.
Potential bidders reportedly include EMI Music Publishing, Sony Corp.'s Sony/ATV Music Publishing, Vivendi's Universal Music Publishing and Warner Music Group Corp.'s Warner/Chappell Music Publishing, according to Reuters.
Sources say the extensive catalog is worth between $150 million and $200 million, and those close to the process say bidding will top $200 million. The New York-based entity is seeking more than $325 million in an auction process.
The sale comes as Mary Rodgers Guettel and Alice Hammerstein Mithias, the daughters of Rodgers and Hammerstein, approach advanced age and must decide what to do with the catalog.
"It's more of an estate-planning thing than anything," said one source close to the situation quoted in the Post. "[Mary and Alice] have a lot of grandchildren. It's a decision that every [family] company has to face. Do you eventually pass control to a large number of [heirs] who may not necessarily be invested in the business?"
The curtain has only just come up on this drama. Either way, this could be one of the more lively deals of the season. - Thomas Zadvydas
The latest drama on Broadway might be the sale of a show tunes icon. The Rodgers and Hammerstein Organization is rumored to be exploring a possible sale, reports the New York Post.
