Warner Music Group announced its decision not to acquire Believe, confirming in a statement released on April 6th that it would not submit a binding offer for the music distribution and artist services company.

This decision follows weeks of competitive bidding against a consortium led by Believe's CEO Denis Ladegaillerie, along with EQT and TCV, who had previously offered €15 per share (approximately $16.35 USD), valuing Believe at around $1.6 billion.

The Ladegaillerie-led consortium had already secured agreements to acquire a 71.92% stake through Block Acquisitions. Warner's rumored higher offer of €17 per share sparked significant industry debate, particularly from independent music sector representatives.

The French Union of Independent Phonographic Producers (UPFI) and the Association of Independent Musicians (AIM) strongly opposed Warner's potential acquisition, citing concerns about market competition and investment in emerging artists. The UPFI even called for French government intervention to block the deal.

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

About Believe:

• Global presence in over 50 countries
• Provides digital distribution and artist services
• Offers comprehensive Label & Artist Solutions
• Focuses on technology-driven operations
• Emphasizes artist independence and control

As of April 6th, Believe SA shares (BLV on Euronext Paris) were trading at €16.50, showing a nearly 60% increase year-to-date, reflecting continued market interest in the company's future.

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