Opus Music Group, which owns the rights to the music catalogs of Juice WRLD, Ozuna, Maluma and Rauw Alejandro, has been quietly acquired by Litmus Music.
five months ago, advertising billboard Opus is reportedly for sale with an asking price of $200 million. The same report quoted sources as saying Opus was working with Raine Group to find a buyer.
Now it looks like Litmus Music will be launched in 2022 by music industry veterans Hank Forsythe and Dan McCarroll Partner with Carlyle Global Credit to be the winning bidder.
The news was confirmed in an update released this week charles johnsonManaging Director, Investment Banking, Media, Telecommunications and Entertainment Group Trust securities.
According to the latest news from Johnson, Litmus used proceeds from a company to fund its purchase of Opus $400 million Revolving Credit Facility (from US$250 million) – to this end truthist In July, he served as the “Left Chief Arranger” and “Chief Bookrunner”.
This update does not confirm the exact value of the Opus deal.
“Truist Securities is working closely with existing lenders to meet the timeline for completion of the Opus acquisition while introducing new issuer-friendly terms to provide Litmus with the flexibility to execute its growth plans,” the update added.
“Truist Securities is working closely with existing lenders to meet the timeline for completion of the Opus acquisition while introducing new issuer-friendly terms to provide Litmus with the flexibility to execute its growth plans.”
Charles Johnson, Truther
New York-based Opus Music Group was founded in 2021 and received financial backing from Elliott Management, an investment firm also based in New York. Opus reportedly acquired a significant stake in the Juice WRLD catalog in early 2023 in a nine-figure deal.
When New York-based Litmus launches in August 2022, Carlyle Global Credit promised a preliminary US$500 million Let the company focus on acquiring and managing the rights to publish and record music.
Litmus Music’s first deal closed in December 2022 Keith Urban’s Master recording catalog including ten multi-platinum, platinum or gold certified studio albums and greatest hits collections.
Two more deals were struck last year. In June 2023, Litmus acquired a “portfolio” of works from songwriters and producers benny blancocovering what it calls “numerous multi-platinum hits and hundreds of songs.”
Then, in September 2023, Litmus acquired a series of rights KatiePerry Industry insiders say the deal is worth it $225 million, Marks the largest catalog deal with a single artist last year.
The deal covers Perry’s five studio albums recorded for Capitol Records, including a Grammy-nominated album Teenage dream.
Litmus now owns the artist’s share in its primary royalty revenue as well as publishing rights to the albums One of the Boys, Teenage Dream, PRISM, Witness and Smile, all from 2008 to 2020 issued during the period.
News that Litmus is expanding its credit lines fits a trend in recent months of big names in the global music industry expanding credit lines with financial services providers.
May, Downtown Music, a division Downtown Music Holdings, Inc., ensure another US$500 million credit capacity comes from Bank of America Expand services to independent artists and labels.
Downtown said it initially partnered with Bank of America in 2022 US$200 million A credit facility that provides artists and rights holders with an advance payment in exchange for “a short-term share of future royalties.”
Meanwhile, Kobalt adopted a measure in March to increase its spending power to more than $1 billion. $450 million revolving credit line truthist A “syndicate” led by securities.
In December, HarbourView Equity Partners, led by former Tempo Music CEO Sherrese Clarke Soares, modified a senior secured credit facility led by Fifth Third Bank to buy more music rights. HarborView’s credit facility capacity increases under revised arrangement US$100 million arrive US$300 million (from $200 million).
trust securities Especially active in the music industry in recent years.
apart from its participation in Kobalt’s Revolving credit line in March and Litmus Music credit line in July, with Truist serving as lead arranger left $400 million Canada’s Anthem Entertainment received credit financing in March 2021.global music business
