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Kirkland-led Blackstone forms $1 bln partnership to invest in music

  • Kirkland suggested longtime consumer Blackstone
  • Stephenson Harwood guides Hipgnosis Song Management

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(Reuters) – Kirkland & Ellis and Stephenson Harwood are advising Blackstone Inc on its partnership with advisory agency Hipgnosis Song Management Ltd, as non-public fairness traders improve their bets on the music business and on-line streaming.

As a part of the deal, revealed on Tuesday, the businesses will initially invest $1 billion to purchase music rights. Blackstone can even buy a stake in Hipgnosis Song, an advisor to the London-listed music catalogs investor Hipgnosis Songs Fund.

Blackstone has tapped longtime advisor Kirkland, with a group led by company companions Francesca Harris, David Higgins and Aprajita Dhundia. Technology and mental property transactions companions Seth Traxler, Rory Wellever and Shellie Freedman are additionally advising the asset supervisor.

Stephenson Harwood company companion Alex Haynes is guiding Hipgnosis Song Management. The agency’s group consists of mental property companion Alexandra Pygall and tax companion John Meehan.

Blackstone’s different advisors on the transaction are Goldman Sachs, FTI and Deloitte. Hipgnosis Song Management can also be receiving recommendation from RBC and Capstan Capital Partners.

Hipgnosis was based by former Elton John supervisor Merck Mercuriadis.

The firm’s partnership with Blackstone comes throughout a 12 months when a number of different funding corporations have devoted capital to buying music catalogs or stakes in music corporations.

In January, non-public fairness agency KKR & Co mentioned it was buying a serious stake in Ryan Tedder and American pop rock band OneRepublic’s music catalog with help from Latham & Watkins.

More lately, billionaire William Ackman’s Pershing Square Capital Management hedge fund acquired a ten% stake in Universal Music Group from Vivendi SE. That transaction initially included Sullivan & Cromwell; Cadwalader, Wickersham & Taft; Cabinet Bompoint; Cleary Gottlieb Steen & Hamilton and Freshfields Bruckhaus Deringer.

Read extra:

Blackstone, Hipgnosis companion to invest in music as on-line streaming booms

KKR bets $200 million on OneRepublic frontman Ryan Tedder’s catalog

Pershing Square to purchase further 2.9% of Universal Music for $1.15 bln

Sierra Jackson

Sierra Jackson stories on authorized issues in main mergers and acquisitions, together with deal work, litigation and regulatory modifications. Reach her at sierra.jackson@thomsonreuters.com

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