The private equity giant floated an offer to buy Hipgnosis Songs Fund for about US$1.5 billion, or US$1.24 per share, outbidding music and theatrical rights firm Concord’s offer of US$1.16 per share. The Hipgnosis board said it would support Blackstone’s proposed bid. (Reuters)
Talking point: Competition for Hipgnosis—whose portfolio includes royalties from songs by Neil Young, Justin Bieber, Red Hot Chili Peppers, Dua Lipa and many more—follows a rocky period for the U.K.-listed fund in the wake of the pandemic-era music rights investment boom. The company launched a strategic review last year to seek a possible sale, and Canadian music executive Mercuriadis stepped down as CEO in February, becoming Hipgnosis’s chairman. Blackstone is already involved with the song fund through a partnership with Hipgnosis Songs Management, the fund’s investment adviser. The stock price was up nearly 12 per cent at close Monday.
