Blackstone's Hipgnosis is getting ready for its next phase.
Tuesday 01 October 2024
Blackstone's Hipgnosis is getting ready for its next phase
Blackstone recently acquired Hipgnosis Songs Fund for $1.584 billion, valuing the company at over $2.2 billion. The plan is to merge Hipgnosis Songs Fund's 40,000 songs with Blackstone's privately held Hipgnosis Songs Capital, which includes copyrights from artists like Leonard Cohen, Justin Timberlake, and Kenny Chesney.
This integration reportedly occurred quickly after the acquisition. However, the future of Hipgnosis Song Management (HSM), the investment adviser for both Hipgnosis funds, remained uncertain following the announcement that founder Merck Mercuriadis would step down as Chairman after six years.
Despite the leadership team's experience, Mercuriadis' departure raised speculation about potential downsizing at HSM as Blackstone might adopt a more subdued approach to music rights ownership. However, recent developments indicate that HSM is actively hiring following the Blackstone acquisition, suggesting a more robust strategy moving forward.
