Dream Wired
No Result
View All Result
  • Home
  • Celebrity
  • DramaAlert
  • Gossip
  • Movie
  • TV
  • Music
  • Comics
  • Shop
  • Home
  • Celebrity
  • DramaAlert
  • Gossip
  • Movie
  • TV
  • Music
  • Comics
  • Shop
No Result
View All Result
Dream Wired
No Result
View All Result
Home Music

Concord Ends Its Bidding War for Hipgnosis, Blackstone Poised to Take Over

rmtsa by rmtsa
May 9, 2024
in Music
0
Concord Ends Its Bidding War for Hipgnosis, Blackstone Poised to Take Over
74
SHARES
1.2k
VIEWS
Share on FacebookShare on Twitter


You might also like

Shinedown’s Zach Myers Defends Using Backing Tracks in Concert

Nine Days Announce First-Ever Australian Tour

Dua Lipa Dances With Charli xcx, Jamiroquai At Massive London Gigs

Blackstone looked poised to take over Hipgnosis Songs Fund (HSF) on Thursday after Concord Music said it would not outbid the global investment firm.

Concord surprised Blackstone and the broader market on April 18 when it announced it had the unanimous support of HSF’s directors to take over the troubled music royalty fund for £0.93 ($1.14), a bid that valued the company at $1.402 billion.

Concord once raised its offer to $1.25 per share, but Blackstone stole the board’s endorsement when it made it a superior offer that valued the company at $1.6 billion on April 29. Concord said Thursday that its last offer was final and will not be increased, effectively bowing out of the bidding war.

While Blackstone’s bid still needs approval from 75% of Hipgnosis Songs Fund shares, it has been the most likely buyer for shareholders looking for an offramp from the 5-year-old fund’s tumultuous last six months.

Hipgnosis Songs Fund’s assets, which include stakes in the catalogs of Red Hot Chili Peppers, Neil Young, Journey, Lindsey Buckingham, Blondie and others, are prized by its investors and rival music companies, but the fund has been plagued by management and accounting missteps that overstated both revenue and its portfolio’s valuation, according to a due diligence report by investment bank Shot Tower Capital released March 28. HSF’s share price plummeted after its board cancelled the dividend and slashed the value of its portfolio.

Blackstone already owns two other entities under the Hipgnosis name — the private music assets investment fund Hipgnosis Songs Capital (HSC) and the the Merck Mercuriadis-led investment advisor Hipgnosis Song Management (HSM) .

An option in HSM’s contract effectively makes Hipgnosis Songs Fund Blackstone’s to lose. The option, which dates back to the fund’s initial public offering in July 2018, stipulates that the entity that Blackstone owns could match any take-over offer for the fund’s assets, a clause intended to give artists confidence their song rights and royalties would not frequently change hands.

HSF’s board will meet in June and is expected to hold a shareholder vote to approve Blackstone’s bid, with a deal ultimately coming to a close possibly in mid-July.



Source link

Tags: BiddingBlackstoneConcordEndsHipgnosisPoisedwar
Share30Tweet19
rmtsa

rmtsa

Recommended For You

Shinedown’s Zach Myers Defends Using Backing Tracks in Concert

by rmtsa
June 23, 2025
0
Shinedown’s Zach Myers Defends Using Backing Tracks in Concert

One of the hottest debates within the modern rock and metal scene(s) is whether it’s okay for bands to use backing tracks throughout live shows. In a new...

Read more

Nine Days Announce First-Ever Australian Tour

by rmtsa
June 23, 2025
0
Nine Days Announce First-Ever Australian Tour

US pop-rock outfit Nine Days are heading to Australia for the first time this November to celebrate the 25th anniversary of their breakout single, “Absolutely (Story of a...

Read more

Dua Lipa Dances With Charli xcx, Jamiroquai At Massive London Gigs

by rmtsa
June 23, 2025
0
Dua Lipa Dances With Charli xcx, Jamiroquai At Massive London Gigs

Dua Lipa pulled out all the stops over the past two nights (June 20-21) for her debut concerts at London’s giant Wembley Stadium, bringing out surprise guests Charli...

Read more

Missed the Blueface and Chrisean Chaos? The Latest on the Mess

by rmtsa
June 22, 2025
0
Missed the Blueface and Chrisean Chaos? The Latest on the Mess

The Blueface and Chrisean Rock relationship saga had died down for a bit, with Blue serving time in prison and Chrisean dealing with her own legal issues. Now, the volatile couple is...

Read more

Marshmello Has Launched a Pop-Punk Band—And He's the Lead Singer

by rmtsa
June 22, 2025
0
Marshmello Has Launched a Pop-Punk Band—And He's the Lead Singer

Chris Comstock has spent years hiding behind a marshmallow head, crafting saccharine EDM drops that soundtracked countless Fortnite montages. Now he's trading the Marshmello helmet for a microphone...

Read more
Next Post
Whoopi Goldberg Reveals How She Really Got Her Stage Name – Hollywood Life

Whoopi Goldberg Reveals How She Really Got Her Stage Name – Hollywood Life

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Browse by Category

  • Celebrity
  • Comics
  • DramaAlert
  • Gossip
  • Movie
  • Music
  • TV
  • Uncategorized

CATEGORIES

  • Celebrity
  • Comics
  • DramaAlert
  • Gossip
  • Movie
  • Music
  • TV
  • Uncategorized
No Result
View All Result

Recent News

  • Bride Reportedly Gunned Down At Wedding, Groom Injured
  • Ezra Miller Talks About ‘Remorse’ as They Address Past Controversy
  • ‘Years Get Away From Us’

Copyright © 2023 DramaWired.
DramaWired is a content aggregator and not responsible for the content of external sites.

No Result
View All Result
  • Home
  • Celebrity
  • DramaAlert
  • Gossip
  • Movie
  • TV
  • Music
  • Comics
  • Shop

Copyright © 2023 DramaWired.
DramaWired is a content aggregator and not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In