MUMBAI: Bertelsmann, the international media group, said that it is taking full ownership of the innovative music rights management company BMG by acquiring the shares currently held by Kohlberg Kravis Roberts & Co. (KKR), and will continue to develop BMG as a wholly owned subsidiary.

The transaction, which is subject to regulatory approval, is scheduled to close during the first half of this year.

The parties have agreed to keep the financial details of the transaction confidential. BMG administers the rights to more than one million songs,including works by such artists as Bruno Mars, Duran Duran, Gossip, Johnny Cash, and Will.i.am. It also represents the master rights (composition and recording) of artists who include Brian Ferry, Nena and Anastacia.

Bertelsmann Chairman & CEO Thomas Rabe said, "This is a great day for Bertelsmann: We are bringing the music home to our group. A few years after our exit from the traditional music business, in association with KKR, we have succeeded in building the world?s fourth-largest music rights management business." Rabe emphasized that KKR has been a good partner. "Our partnership made it possible for BMG to take advantage of consolidation opportunities and to rapidly advance the organic expansion of the business. I thank them for an excellent collaboration."

Taking full ownership of BMG is an important step in putting Bertelsmann?s growth strategy into practice, Rabe explained. "We are happy to have BMG as our own company again. CEO Hartwig Masuch and his team deserve our thanks for the passion and know how they brought to developing a small creative nucleus into a powerhouse that provides the right answers to the challenges of the music industry in this digital age."

KKR Europe Head Johannes Huth said, "Our innovative partnership with Bertelsmann, which combined the professional expertise of a global media company with the financial strength, network and business-building expertise of KKR, was a complete success. We explored new business approaches with Bertelsmann; BMG did pioneering work in the music rights market with its digital, service-focused business approach. The model of a ?growth and build? partnership between a corporate group and KKR is bound to be seen more often in the future."

MUMBAI: Shah Rukh Khan?s production company, Red Chillies Entertainment, has appointed Venky Mysore as its CEO.

Mysore will continue in his role as Kolkata Knight Riders CEO and MD, the Indian Premier League (IPL) franchise co-owned by SRK.

He has been with the IPL franchise, which won the last edition of the Twenty20 League, since October 2010.

Khan said, "Venky is a seasoned business professional & I am delighted that he will take over as the CEO of Red Chillies. Red Chillies has established itself as one of the leading production houses and the VFX division is among the best in the business. Venky has done a fantastic job as the CEO of KKR and I am confident that he will be able to lead Red Chillies to a much higher level of performance and professionalism."

Mysore added, "We have the biggest brand to work with and huge opportunities ahead of us. I look forward to this exciting challenge as we strive hard to build a world class organisation."

MUMBAI: The fourth edition of Champions League T20 will feature four IPL teams with Mumbai Indians getting a direct entry into the tournament.

The Harbhajan Singh-led side is all set to defend their title while Kolkata Knight Riders, Chennai Super Kings and Delhi Daredevils will also fight it out against top quality opposition.

Sialkot Stallions joins this edition as the Pakistan domestic T20 champions.

The tournament will be held from 9-28 October in South Africa, which will host the fourth edition of the tournament at Centurion, Durban, Cape Town and Johannesburg.

The event will feature a galaxy of international cricketing stars, who will be part of fourteen champion teams, from as many as eight countries.

Besides, the four IPL teams other teams that have qualified for the championship includes Titans and Highveld Lions from South Africa, Sydney Sixers and Perth Scorchers from Australia, Trinidad and Tobago from West Indies, Auckland Aces from New Zealand and Sialkot Stallions from Pakistan.

The teams from Sri Lanka and England are yet to be confirmed as the domestic T20 championship?s of both the countries will conclude in August.