Daily Management Review

Blackstone buys Hipgnosis for $1.57B


US investment firm Blackstone has reached an agreement to purchase British company Hipgnosis Songs Fund.

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