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

June 2025 New Music Releases

Ivana Kovačević, Wife of EXIT Festival Founder, Dies at 45

John Fogerty Didn’t Want CCR Guitar Back, Wife Bought It Anyway

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

June 2025 New Music Releases

by rmtsa
June 1, 2025
0
June 2025 New Music Releases

It's almost midway through 2025, and June is showing lots of promise to be a big month for rap releases.Lil Wayne Preps His Long-Awaited Tha Carter VI AlbumFollowing the...

Read more

Ivana Kovačević, Wife of EXIT Festival Founder, Dies at 45

by rmtsa
June 1, 2025
0
Ivana Kovačević, Wife of EXIT Festival Founder, Dies at 45

Ivana Kovačević, the wife of EXIT Festival founder Dušan Kovačević, has tragically passed away at the age of 45.A mother of three, Ivana was hospitalized in critical condition earlier in...

Read more

John Fogerty Didn’t Want CCR Guitar Back, Wife Bought It Anyway

by rmtsa
June 1, 2025
0
John Fogerty Didn’t Want CCR Guitar Back, Wife Bought It Anyway

John Fogerty said he was once offered the chance to buy back the guitar he played during Creedence Clearwater Revival’s glory days, but refused because of the memories...

Read more

Insane Clown Posse Name Favorite Rock Bands, Best Nu-Metal Rapper

by rmtsa
May 31, 2025
0
Insane Clown Posse Name Favorite Rock Bands, Best Nu-Metal Rapper

In our interview with ICP — Insane Clown Posse — we ask Violent J and Shaggy 2 Dope about their favorite rock and metal bands. And we chat...

Read more

How to Watch the Best Diddy Documentaries Online, Streaming

by rmtsa
May 31, 2025
0
How to Watch the Best Diddy Documentaries Online, Streaming

All products and services featured are independently chosen by editors. However, Billboard may receive a commission on orders placed through its retail links, and the retailer may receive...

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

  • To tour or not to tour: Artists second-guess going on road as touring gets harder – National
  • Who Is Alec Bohm’s Girlfriend? Erin Kate Dolan’s Job & Relationship History Explained
  • Chopper Star Breaks Silence on Joining the Series for Season 2

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