LONDON (CelebrityAccess) – Hipgnosis Track Administration’s founder and chairman, Merck Mercuriadis, has introduced his plan to step down in a big shift for the music funding world. This transfer will coincide with Blackstone’s proposed acquisition of Hipgnosis Songs Fund, working underneath the entity Lyra Bidco.
The previous 9 months have been turbulent for the Hipgnosis Songs Fund, managed by Hipgnosis Track Administration. The corporate has confronted a shareholder revolt, inside conflicts between Mercuriadis and the board, and a aggressive bidding battle, culminating in Blackstone’s forthcoming takeover.
Hipgnosis is famend for its spectacular catalog, boasting shares in iconic songs and catalogs from artists reminiscent of Shakira, Journey, Ed Sheeran, Neil Younger, Christine McVie, Lindsey Buckingham, Blondie, Nile Rodgers, Pusha T, and plenty of extra.
Reflecting on his determination, Mercuriadis said, “Six years after founding HSM, I’ve determined that now could be the best time for me to step again from my function as chairman. This can be 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.”
He highlighted the achievements of Hipgnosis, emphasizing the corporate’s dedication to songwriters, “With Hipgnosis Songs Fund and Hipgnosis Songs Belongings, we have now created an excellent catalog of rights to an unmatched assortment of iconic and culturally essential 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 in my dedication to all our songwriters.” Mercuriadis additional expressed his dedication to making sure songwriters have a voice in discussions about their compensation, noting the significance of present and future legislative discussions.
As Hipgnosis Songs Fund transitions into its subsequent chapter, Mercuriadis expressed confidence within the firm’s management underneath Blackstone: “As Hipgnosis Songs Fund enters the subsequent part of its growth, now could be the best time handy the reins to a trusted and competent staff. I’m excited in regards to the firm’s future and its ongoing success with the assist of Blackstone.”
Qasim Abbas, Blackstone Tactical Alternatives’ senior managing director, praised Mercuriadis for his contributions, stating, “On behalf of Blackstone, I wish 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.” He reaffirmed Blackstone’s dedication to the music rights market, noting their acquisition of main catalogs throughout their partnership with HSM.
Ben Katovsky, CEO of Hipgnosis Track Administration, additionally acknowledged Mercuriadis’ impression, saying, “Merck’s imaginative and prescient and fervour 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.” Katovsky emphasised the staff’s dedication to persevering with the legacy of bringing iconic songs to new audiences and making certain their ongoing success.
This strategic shift marks a brand new period for Hipgnosis Track Administration, which continues to navigate the panorama of music rights and advocate for songwriters worldwide.