Warner Music Group (WMG) has officially declined to acquire Believe, according to a statement released on April 6th. After careful consideration, WMG decided not to submit a binding offer for the music distribution and artist services company.

This decision follows weeks of negotiations and competing interests between WMG and a consortium led by Believe's CEO Denis Ladegaillerie, along with EQT and TCV. The consortium had previously offered €15 per share (approximately $16.35 USD), valuing Believe at about $1.6 billion USD.

Believe's Ad-Hoc Committee acknowledged WMG's withdrawal and stated they will review next steps with all interested parties, including the original consortium and historical shareholders.

Key developments:

• The Ladegaillerie consortium had secured agreements to acquire a 71.92% stake through Block Acquisitions
• Believe's shares (BLV on Euronext Paris) were trading at €16.50, showing a 60% year-to-date increase
• Industry groups, including the French Union of Independent Phonographic Producers (UPFI) and Association of Independent Musicians (AIM), had opposed WMG's potential acquisition

About Believe:

• Operates in over 50 countries
• Provides digital distribution, marketing, promotion, and funding services
• Focuses on independent artists and labels
• Offers technological solutions for distribution, royalty management, and analytics
• Maintains strong emphasis on artist independence and control

The withdrawal of WMG appears to clear the path for the original Ladegaillerie consortium to proceed with their privatization plans, though the final outcome remains to be determined as the Ad-Hoc Committee reviews all options.

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