Nashville, Tenn.-based Concord Chorus is buying London-based Hipgnosis Songs Fund for $1.4 billion. The Fund owns the catalog of music artists such as Neil Young and Shakira.
Concord Chorus is owned by Los Angeles-based Alchemy Copyrights and the Hipgnosis’ acquisition is financed by the New York City-based Apollo Capital Management.
Concord Chorus is an active buyer of music rights. Hipgnosis’ portfolio was recently valued at $1.95 billion, down from $2.62 billion since last September.
Hipgnosis Songs Fund was founded in 2018 by British-Canadian music executive Merck Mercuriadis and American record producer Nile Rodgers (pictured). Shareholders own 29.38 percent of its issued share capital.
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