Blackstone Plans $1 Billion Music-Rights Investment
12 Ottobre 2021 - 1:56PM
Dow Jones News
By Matt Grossman
Blackstone Inc. plans to invest about $1 billion in acquiring
music rights and managing music catalogues in a new partnership,
the asset manager said Tuesday.
Blackstone would partner with Hipgnosis Song Management Ltd. to
grow a presence in buying music rights, the companies aid.
Hipgnosis is led by founder Merck Mercuriadis, a former manager of
artists such as Elton John and Beyonce.
Blackstone would take an ownership stake in Hipgnosis Song
Management and would invest in expanding its infrastructure and
business functions, the companies said. The investments would
include improved data and technology capabilities to support song
management, the companies said.
Mr. Mercuriadis's company serves as investment advisor to
Hipgnosis Songs Fund Ltd., a U.K.-listed music-rights owner. The
fund would benefit from Blackstone's investment in Hipgnosis Song
Management, the companies said, and would have the right to
co-invest in catalogue acquisitions with Blackstone, the companies
said.
"The music industry has been at the forefront of the
fast-growing streaming economy and is unlocking new ways of
consuming content," Blackstone executive Qasim Abbas said.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
October 12, 2021 07:41 ET (11:41 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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