Blackstone wins bidding war for UK music rights firm



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