This article was displayed on the ChosunBiz MoneyMove (MM) site at 4:05 p.m. on Jan. 20, 2026.
As private equity fund (PEF) manager Praxis Capital Partners (hereafter Praxis) is pushing to sell music copyright company Beyond Music, more than 10 global entertainment companies and private equity funds are said to be showing interest.
The enterprise value that Praxis is quietly hoping for reaches 700 billion won. Beyond Music achieved a 40% increase in revenue last year, and the market says that if the valuation (price level relative to enterprise value) of similar overseas companies is applied, its price tag of at least 650 billion won could be recognized.
According to the investment banking (IB) industry on the 20th, Citigroup Global Markets Securities, the sale manager for Beyond Music, will soon distribute an information memorandum (IM) to potential buyers. It earlier distributed a teaser letter at the end of last year, and more than 10 global managers and entertainment corporations are said to have shown interest.
Beyond Music is a company engaged in music copyright investment, acquisitions, and management. Composer Park Geun-tae and Lee Jang-won, founder of digital sheet music platform Mafia Company, established it in 2021. It is currently led by CEO Cho Jin-woo, an IB expert.
Beyond Music buys the rights to songs and monetizes them through streaming royalties, remakes, and value-up. Praxis invested 100 billion won from the early days of the company and secured about 60% equity, and later carried out additional investments, bringing the cumulative investment to around 300 billion won. It currently holds a total of 80.4% equity through "Blossom Holdings" and "Blossom Holdings No. 2." As Dreamus Company, which had been a 10% shareholder, retired its entire stake through a paid redemption last September, the equity stakes of Praxis and other shareholders increased.
The asking price that Praxis hopes for is about 650 billion to 700 billion won based on total enterprise value (EV).
According to the industry, Beyond Music is said to have achieved more than 30 billion won in revenue last year. That is 38% more than the previous year's revenue (21.7 billion won). Earnings before interest, taxes, depreciation and amortization (EBITDA) is around 27 billion won. A Praxis official said, "Because most of Beyond Music's revenue is music royalty revenue, the EBITDA margin reaches 90%."
Back-calculating based on the enterprise value expected by Praxis, EV/EBITDA is about 24 to 26 times. This is a similar level to the EV/EBITDA of comparable overseas companies. Beyond Music has a business structure similar to U.S.-based global music company Primary Wave, which is said to be valued at 25 times EV/EBITDA in the over-the-counter market.
The valuations of similar companies that are already listed are lower than this. Reservoir Media and Warner Music Group are around 15 times, and Universal Music Group is around 18 times. However, the market assesses that it is difficult to view the two companies as truly comparable to Beyond Music because their share of music royalty revenue is not high.
Beyond Music's touted strength is its abundant music IP. It holds more than 35,000 songs of IP. The cumulative IP investment amount is around 300 billion won.
In Korea, it holds song IP for global K-pop groups such as BTS and Blackpink, as well as the catalogs of Deulgukhwa, the late Kim Hyun-sik, and Lee Moon-sae, which have delivered stable revenue for decades. Overseas, it holds music IP for global pop stars such as Adele, Katy Perry, Selena Gomez, and Dua Lipa.
An IB industry official said, "Beyond Music not only holds music IP but also engages in a range of activities including deal sourcing, financing, music marketing, remakes, and content production," adding, "Buoyed by the popularity of K-pop, it is showing rapid growth, so the sale appears to have a strong chance of success."