Blackstone wins bidding war for UK tune rights firm

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Blackstone wins bidding war for UK tune rights firm
Blackstone wins bidding war for UK tune rights firm

Hipgnosis manages the rights to more than 150 of the sphere's biggest tune catalogues, including Justin Bieber, Shakira and Neil Young.
Hipgnosis manages the rights to more than 150 of the sphere’s biggest tune catalogues, including Justin Bieber, Shakira and Neil Young..
Characterize: Ethan Miller / GETTY IMAGES NORTH AMERICA/Getty Photos by technique of AFP/File
Source: AFP

US private equity firm Blackstone emerged victorious Thursday in a takeover battle for struggling UK tune rights owner Hipgnosis Songs Fund, after American neighborhood Concord shunned improving its describe.

Concord, a rival to Hipgnosis, acknowledged in an announcement that it wouldn’t hike its $1.5-billion describe after Blackstone agreed a $1.6-billion provide.

Hipgnosis manages the rights to more than 150 of the sphere’s biggest tune catalogues, including Justin Bieber, Shakira and Neil Young.

Concord “confirms that its provide of $1.25 per Hipgnosis portion is final and is doubtless no longer increased”, it acknowledged in a transient statement clearing the route for Blackstone.

The US private equity home final week ramped up its describe to $1.30 per portion.

“It appears like the battle for Hipgnosis Songs Fund might well neutral no longer be having but every other encore,” acknowledged AJ Bell funding director Russ Mould.

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

The London-listed fund has been tormented by concerns over asset valuations and neutral neutral as of late slashed the price of its songs catalogue by more than a quarter to $1.93 billion.

That got right here after Hipgnosis revealed in December that its first-half salvage losses tripled on tumbling sales.

Source: AFP

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