Andrew Lloyd Webber To Bid on The Great American Songbook?

London's Evening Standard is reporting that Andrew Lloyd Webber might be one of the potential buyers interested in the Rodgers and Hammerstein Organization. A source revealted that Webber is "putting together a bid".

The New York Post recently reported that The Rodgers and Hammerstein Organization is currently undergoing a major restructuring of the company which may include a potential sale of the hundreds of titles it holds the rights to. 

The company is reportedly in the process of shopping out its titles-- which include hits like Oklahoma! and The King and I-- to potential buyers ranging from hedge funds managers to big publishing giants. The company is attempting to sell more that $325 million in the auction but will realistically wind up with just over $200 million.

There is a greater purpose behind the recent auction and sources are stating that it could be an indication that Mary Rodgers Guettel and Alice Hammerstein Mathias (grandaughters of the company's founders, now in their 80's) could be looking to take the company out of the family. A source close to the family told The New York Post, "It's more of an estate-planning thing than anything. [Mary and Alice] have a lot of grandchildren. It's a decision that every [family] company has to face. Do you eventually pass control to a large number of [heirs] who may not necessarily be invested in the business?"

With the recent Broadway hit South Pacific and commercial success of works such as Oklahoma! and The Sound of Music, the outcome for potential buyers could be extremely lucrative, though quite the undertaking. The Post reports that there is an increasing demand for use of R&H material in film and television. In the past, permission was usually denied for these kind of uses because R&H instead wanted to uphold the artistic integrity of their work by only licensing to theatrical production and concerts. This could change drastically in the hands of new owners.

If Andrew Llloyd Webber was interested in purchasing part of what is known as The Great American Songbook, he would probably face competition from bigger corporations such as Sony, EPI, Universal and Warner.

For more information please visit www.randh.com.

Photo Credit Walter McBride/Retna Ltd.