look. We’ve broken some pretty big news recently. The right message. But this? From a transaction size perspective, this is the most important.
MBW confirmed through reliable sources that Irving Azoff, a US-based PRO, Global Music Rights (GMR)A multi-billion dollar deal was struck yesterday (September 18) with new private equity partners.
As far as we know, this transaction values GMR at US$3.3 billion.
It is understood Azov Still retain shares in the company, but TPG – his long-time co-owner in GMR – has cashed out.
It is also understood that the buyer is a private equity company. Herman and Friedman, Its assets under management (AUM) at the end of 2023 were $120 billion.
morris co. Managing the entire process, one source described it as “running like a Swiss watch.”
“This is a huge win not only for TPG, but for everyone else,” said another MBW tipster with knowledge of the deal.
“Irving Azoff His team pulled off a stunning deal that had been years in the making. Herman and Friedman It will now get everyone’s attention. and moellis Just had a blast in music M&A.
(Update: The usually well-informed Hits Daily Double is reporting “rumors” that Azoff “took some leverage” in the $3.3 billion deal while retaining a stake in GMR. We’re hearing the same : Azoff retains a stake in GMR.
GMR, led by CEO Randy Grimmett Headquartered in Los Angeles, it was founded in 2013.
In recent years, the company has represented artist/writer catalogs including Harry Styles, Drake, Bruno Mars, Bruce Sting, John Lennon, Pharrell Williams, Nicki Minaj, Shawn Mendes, Metallica, Pearl Jam, Bad Bunny, Joe Embon Jovi, Lizzo, Journey, Prince, and Killers.
a licensing and fee collection association, giant magnetoresistance It is particularly aggressive in taking legal action against ABC because it believes the broadcasters are not paying its customers properly.
In 2022, GMR and Radio Music Licensing Council (RMLC) – representing 10,000 commercial radio stations – follows a landmark long-running legal dispute over royalty payments to US broadcast networks.
Giant magnetoresistance (GMR) The original complaint against the RMLC in 2016 alleged that the US broadcast “cartel” controlled more than 90% of the broadcast industry’s revenue while reaching what was then said was more than 245 million weekly listeners.
GMR is certainly not the first for-profit PRO to complete a huge deal in the past 12 months.
A majority stake in BMI was acquired in a deal completed in February New Mountain Capitalwith Google’s Capital G Hold a minority stake.
CapitalG has previously invested over $4 billion 55 companies, including Airbnb, Stripe, Lyft and more.
“Our partnership with New Mountain charts an incredibly exciting new path for BMI and our songwriters, composers and publishers,” Mike O’Neill, president and CEO of BMI, said at the time of the deal closing. said.
O’Neill added: “JB shares our vision of creating value for our affiliates and investing in their future success.
“With their support, advanced level of innovation and resources, we are now in the best position to accelerate our growth plans and explore new opportunities to benefit our creative community.”global music business
