Belmont equities are soaring with the news that BMG is joining forces with the Entertainment Group.
Belmont shares rose 1.4% to $14.19.
The group, which also includes Universal Music Group, has long been a major investor in independent music and will be a major player in the industry.
BMG CEO and president Jim Moore said in a statement, “BMG Music is a world-class label and the new BMG has a unique ability to expand the reach and reach of its brands across a variety of genres.”
Belmont’s stock is up almost 30% in the past year.
BGM also announced the acquisition of the Roxy Theatre in San Francisco.
It will open in late 2019.