Hipgnosis owns song rights to artists like Shakira, Leonard Cohen, and Red Hot Chili Peppers, for 1.26 billion pounds ($1.57 billion).
The company board recommended that shareholders accept Blackstone’s offer, preferring it to a rival bid from Concord, which valued the business at $1.51 billion. Monday’s trading saw a 2% increase in shares of the British company.
Merck Mercouriadis, a music producer, founded Hipgnosis in 2018. The company’s business model is built around purchasing song rights and earning money through streaming and radio rotation.
source: ft.com
