Jem Aswad Executive Editor, Music The troubled Hipgnosis Songs Fund, whose former CEO Merck Mercuriadis drove up the value of music catalogs with more than $3 billion in acquisitions before overspending and problematic management caused the company to lose more than half of its value, has agreed to a $1.4 billion sales to Nashville-based Concord, the companies announced in the early hours of Thursday.
The catalogs involved include assets by Neil Young, the Red Hot Chili Peppers, Shakira and others. The news was first reported by Music Business Worldwide.
The sales takes place after months of upheaval at Hipgnosis, which had launched a strategic review last year after a revolt by shareholders over a planned catalog sell-off and other business plans.
Hipgnosis’ investors will get $1.16 per share in cash, representing a premium of about 32% to Wednesday’s closing price, according to Reuters.
Read more on variety.com
Get the latest stars news and celebrity rumours with exclusive stories, photos, videos and interviews.
Breaking up, scandals, engagements, divorces, gossip – all you need to know about the private lives of your favorite celebs.
Get to know the latest showbiz news along with exclusive interviews and even more. All this is waiting for you on the main page 24 hours a day, 7 days a week! Who, where, when, with whom, how, why and for what!? Stay tuned to know first!
Just follow us daily and we will provide you with the current news from the life of famous stars and celebrities.
Owner: SNOWLAND s.r.o.
Registration certificate 06691200
Address:
Snowland s.r.o.
16200, Na okraji 381/41, Veleslavín, 162 00 Praha 6
Czech Republic
©2024. All rights reserved.