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Blackstone wins bidding war for UK music rights firm

 Blackstone wins bidding war for UK music rights firm
Blackstone wins bidding battle for UK song rights firm

Hipgnosis manages the rights to better than 150 of the sphere's ultimate tune catalogues, including Justin Bieber, Shakira and Neil Younger.
Hipgnosis manages the rights to better than 150 of the sphere’s ultimate tune catalogues, including Justin Bieber, Shakira and Neil Younger..
Reveal: Ethan Miller / GETTY IMAGES NORTH AMERICA/Getty Pictures by potential of AFP/File
Source: AFP

US non-public equity firm Blackstone emerged victorious Thursday in a takeover battle for struggling UK song rights owner Hipgnosis Songs Fund, after American community Concord refrained from improving its relate.

Concord, a rival to Hipgnosis, acknowledged in a assertion that it might now not hike its $1.5-billion relate after Blackstone agreed a $1.6-billion provide.

Hipgnosis manages the rights to better than 150 of the sphere’s ultimate tune catalogues, including Justin Bieber, Shakira and Neil Younger.

Concord “confirms that its provide of $1.25 per Hipgnosis portion is last and might peaceful now not be increased”, it acknowledged in a short assertion clearing the path for Blackstone.

The US non-public equity home last week ramped up its relate to $1.30 per portion.

“It looks to be be pleased the battle for Hipgnosis Songs Fund gained’t be having one other encore,” acknowledged AJ Bell funding director Russ Mold.

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Hipgnosis was once co-founded in 2018 by guitarist and producer Nile Rodgers and Merck Mercuriadis, aged manager of Beyonce and Elton John.

The London-listed fund has been plagued by issues over asset valuations and now not too prolonged ago slashed the tag of its songs catalogue by better than a quarter to $1.93 billion.

That came after Hipgnosis printed in December that its first-half of web losses tripled on tumbling gross sales.

Source: AFP

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