Concord Music Closes $850 Million in Financing for ‘Strategic Growth and Acquisitions’
variety.comJem Aswad Executive Editor, Music Concord, one of the world’s largest independent music companies, has successfully closed a new series of $850 million in financing to “fuel strategic growth and acquisition.” In recent years the company has made top-dollar acquisitions for the catalogs of Latin music superstar Daddy Yankee for a reported $217 million; Genesis members Phil Collins, Tony Banks and Mike Rutherford for $300 million; the 150,000-song catalog of Round Hill Music for $468.8 million; and 30,000-song strong Mojo Music, among others.
The series, in senior notes backed by its catalog of music assets, marks the company’s third securitization offering and is cross-collateralized with the notes offered in 2022, which, according to the announcement, now make up the largest music-backed asset-backed securitization to date.
These issuances “underscore Concord’s ongoing effort to strategically grow and monetize its music assets and position the company as a consequential force in the music industry,” the announcement continues.
The notes will be secured by music royalties from a pool of catalogs containing over 1 million songs, including hits recorded by the Beatles, Carrie Underwood, Cheap Trick, Creed, Genesis, Kiss, Mike + The Mechanics, Otis Redding, Phil Collins, Plain White T’s, R.E.M., R.E.O.
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