The deal will see more than 65,000 songs, including tracks by Blondie and Neil Young, added to Blackstone’s music rights portfolio
Blackstone has agreed to acquire Hipgnosis Songs Fund for about $1.57-billion, trumping an offer from Concord for the music rights owner of artists such as Shakira and Red Hot Chili Peppers, the companies said on Monday.
Hipgnosis shares, which have rallied since the takeover interests, rose 2.7 per cent to £1.06 in early trade. Blackstone has also invested in U.S. performance rights organization SESAC, whose affiliates include rock legend Bob Dylan and 16-time Grammy Award winner Adele. “We are delighted that, following competitive interests in acquiring Hipgnosis, our investors now have a chance to immediately realize their holding at an increased premium,” Hipgnosis Chairman Robert Naylor said.
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