Earlier this week, global music business Concord has spent $217.3 million to buy the mysterious catalog of a Latin music artist and songwriter, it has been revealed.
This is no longer a mystery. The relevant artists are daddy yankeepuerto rican superstar The final Tour of Spain world tour produced an estimated $198 million 2022.
harmony has acquired the rights to parts of the reggae star’s music publishing and recorded music catalog, including his own hits, including Rest time, gas, and calmly, plus his featured artist role Slowly.
In addition, the acquisition also covers certain name, image and likeness (NIL) rights.
As MBW told you earlier this week, a recent report from Kroll Bond Ratings revealed that Concord has acquired a catalog from “a highly successful Latin music artist and songwriter” using At $217.3 million.
Kroll’s report relates to the asset-backed securities (ABS) transaction in which Concord raised funds US$850 million New debt financing secured by its catalog of rights.
Interestingly, the ABS values Concord’s equity portfolio at $5.1 billion – Significant increase $4.2 billion Kroll’s valuation of Concord’s assets in December 2023.
Part of this growth can be attributed to acquisitions by: harmony, The company has been led by Chief Executive Bob Valentine for the past year.
New Kroll valuation for Concord portfolio takes into account Concord acquisition Yuanshan Music Royalty Fund Co., Ltd. assets in 2023 and Mojo Music & Media (Also in 2023) — Kroll’s report shows the combined valuation of both deals to be $606.3 million.
Kroll’s new valuation also factors in acquisitions daddy yankee Table of contents.
harmony Manage over one million titles, master recordings and related assets covering writers/artists including stars like REM, Creed, Genesis, Phil Collins, Mike + The Mechanics and Carrie Underwood.
last year, harmony Announced the establishment of joint venture label PULSE Records with the widely respected Pulse Music Group team, strengthening its ability to record music on the front line.
In 2020, Concord became the majority owner of Pulse Music Publishing through a transaction worth more than $100 million. million baby (PULSE Records/ISO Supremacy).
harmonyThe company, still majority-owned by its long-time backer Michigan Retirement Systems, entered the process of exploring a sale itself several years ago (hiring Goldman Sachs as an aide).
The process resulted in an unnamed acquirer making a takeover offer of around $5 billion, but that price was not high enough for the company, which was only seeking “extraordinary” offers.global music business
