Music distribution and services company Believe has strongly refuted a report from Friday (July 14), which said the Paris-based firm was set to sell to Sony. Respected Japanese business paper "Nikkei" reported that Sony Music was on course to acquire a majority stake in Believe before the end of the year for somewhere north of $350m.
But Believe CEO Denis Ladegaillerie has told MBW today that Believe is instead in the process of raising funds for its own acquisitions:
That information is not true.
At one stage, Sony Music looked like a strong contender to acquire Spinnin’, but is since believed to have walked away from negotiations.
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