# Post-merger BMG doesn’t see itself as 'the fourth major'

> BMG’s new combined company rejects being the fourth major music label after merger with Concord.
- Title: Post-merger BMG doesn’t see itself as 'the fourth major'
- Summary: BMG’s new combined company rejects being the fourth major music label after merger with Concord. BMG and Concord’s merged entity calls itself a major music…
- Keywords: bmg, concord, music publishing, recorded music, publishing rights, ai licensing, 50-50 split, music, business, technology, Post-merger, doesn
- Source: Musically — https://musically.com/2026/10/14/post-merger-bmg-doesnt-see-itself-as-the-fourth-major-for-a-good-reason
- Read time: 1 min
- Topics: bmg, concord, music publishing, recorded music, publishing rights, ai licensing, 50-50 split, music, business, technology
## BMG and Concord merger
BMG and Concord have merged into one company targeting $2.5bn annual revenue.
## Not the fourth major
BMG’s new company does not see itself as the fourth major music label behind UMG, Sony Music, and WMG.
## Business model difference
BMG focuses on music publishing, not recorded music, with a larger publishing business than recorded music.
## David Israelite’s comment
David Israelite from NMPA called BMG’s merger 'fantastic' for advocating music publishing without focusing on recorded music.

> This is fantastic: this means that there is going to be someone who’s out there who’s advocating for music publishing, and is not necessarily sitting there going ‘well, I wonder what the other side of my business is going to say’
## 50-50 split push
Publishers now demand a 50-50 split in AI licensing deals with music technology companies.
## Catalogue valuation challenges
Catalogue valuations require understanding cashflows, one-off deals, and human factors like artist ownership.

> Interest rates are going up. Surely that means that multiples will be coming down
## Private equity sell-off risk
Private equity firms may face sell-offs as interest rates rise and their investments mature.
## Key takeaway

BMG and Concord’s merged entity calls itself a major music publisher, not a fourth major label, due to different business models and focus on publishing over recorded music.