Warner Music Group stated in a statement on Saturday that it will not make an attempt to purchase Believe, a French digital music startup.
The consortium, which consisted of Believe’s major stockholders, submitted an offer for the company that was supported by the board of directors and valued the company at around 1.52 billion euros, or 15 euros per share.
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Believe categorically mentioned that intends to “review the situation with all interested parties (including the consortium) to determine next steps in relation to the possible evolution of the company’s control.”
Believe, established by Denis Ladegaillerie in 2005 is home of labels including TuneCore, Naive, and Nuclear Blast, collaborates with artists and record labels to help establish their brands on social media and distribute their music on streaming services.
