Hipgnosis Music Administration introduced in the present day that its founder and Chairman Merck Mercuriadis has given discover of his intention to step away as Chairman.
In accordance with the announcement in the present day (July 2), his departure from the corporate will likely be efficient upon closing of the proposed acquisition of Hipgnosis Songs Fund Restricted by Lyra Bidco Restricted, an organization owned by Blackstone-managed funds.
Merck Mercuriadis, founder and Chairman, Hipgnosis Music Administration mentioned: “Six years after founding HSM, I’ve determined that now’s the proper time for me to step again from my position as Chairman. It is a well timed alternative for me to undertake a strategic shift of focus, and to spend extra time advocating on behalf of songwriters to make sure that they’re correctly compensated for his or her work.
“With Hipgnosis Songs Fund and Hipgnosis Songs Belongings we’ve created an excellent catalogue of rights to an unrivalled assortment of iconic and culturally necessary songs from phenomenal songwriters who I knew could be proud to face subsequent to one another. HSM has been constructed on an ethos that has at all times put the songwriting neighborhood first and I’m unwavering within the dedication I made to all our songwriters. I’ve at all times envisioned bringing songwriters collectively globally and arranged to make sure they’ve a voice on the desk, representing the consensus views of their neighborhood, in discussions about their compensation. With the subsequent CRB 4 years away and ongoing laws being mentioned worldwide, the time to behave is now.
“As Hipgnosis Songs Fund enters the subsequent section of its improvement, now’s the proper time at hand the reins to a trusted and extremely succesful staff. I’m excited in regards to the firm’s future and its ongoing success with the assist of Blackstone.”
Qasim Abbas, Senior Managing Director, Blackstone Tactical Alternatives added: “On behalf of Blackstone, I want to thank Merck for his assist and contribution to HSM. Merck’s dedication to songwriters and his advocacy on their behalf is second to none and we respect and can search to construct on the platform he based.
“We’re dedicated to the asset class, having (by way of Hipgnosis Songs Belongings) acquired the catalogues of a few of the world’s most necessary songwriters and artists within the three years we’ve partnered with Merck and HSM.
“With a robust senior administration staff now in place, the agency is nicely positioned to capitalize on the rising marketplace for music rights.”
Ben Katovsky, Chief Govt Officer, Hipgnosis Music Administration, mentioned: “Merck’s imaginative and prescient and keenness in creating Hipgnosis, assembling a unprecedented portfolio of iconic songs and campaigning for songwriters to be pretty paid has been instrumental in Hipgnosis’ journey so far.
“I’m grateful for his assist and the belief that has been positioned in me and the HSM staff to construct on his ardour. We stay dedicated to bringing the enduring songs in our care to new audiences and guaranteeing that they benefit from the on-going success and consideration they so richly deserve.”Music Enterprise Worldwide
