Hipgnosis and Blackstone purchase 80% of Kenny Chesney’s recorded music royalties

Three months in the past, MBW revealed that Merck Mercuriadis‘s Hipgnosis had struck a mega-money partnership cope with funding titan Blackstone.

That deal noticed Blackstone decide to pumping a billion {dollars} (and certain extra) into music rights acquisitions struck by Mercuriadis’ personal funding administration agency, Hipgnosis Music Administration.

In the present day (January 19), the primary of these acquisitions has been confirmed: Hipgnosis Music Administration has acquired 80% of Kenny Chesney’s recorded music royalties, overlaying his discography from his 1994 debut In My Wildest Desires by way of 2017’s Stay in No Sneakers Nation.

The acquisition additionally covers any future Best Hits, stay and/or acoustic album releases Chesney could challenge.

As well as, the acquisition sees Hipgnosis purchase SoundExchange (US) and Neighboring Rights royalties for each album within the nation famous person’s catalog, together with 2018’s Songs for the Saints and 2020’s Right here and Now.

As MBW has beforehand defined, Blackstone’s billion-dollar music acquisition cash is held in a brand new personal fund referred to as Hipgnosis Songs Capital, which is a separate entity to the publicly-listed Hipgnosis Songs Fund. Hipgnosis Music Administration (HSM) has entry to this Blackstone money to strike acquisitions, whereas HSM is moreover then chargeable for managing the exploitation of those acquired music rights / earnings streams.

Individually, Blackstone has made an undisclosed funding into Hipgnosis Music Administration, largely so HSM can bulk up its sources in advertising and marketing, sync and many others. around the globe.

The acquisition price for the Kenny Chesney deal was not disclosed.

Chesney’s catalog spans 22 albums, together with 17 studio albums. Chesney, who has bought over 30 million albums worldwide, has racked up 9 No. 1 Billboard 200 albums, 17 No. 1 Billboard Nation Albums and 18 Prime 10 Billboard Nation albums.

Chesney was represented within the Hipgnosis deal by his longtime supervisor Clint Higham at Morris Higham Administration, and lawyer Jess Rosen at Greenberg Traurig.

Merck Mercuriadis, founding father of Hipgnosis Music Administration, stated: “Kenny Chesney is likely one of the really nice American artists. He has been bringing pleasure to music followers all around the world for nearly 30 years. His unimaginable success of greater than 30 million data bought together with 9 No. 1 albums on the all-genre Billboard 200 chart and 17 No. 1 albums on Billboard’s Nation chart tells you every little thing it’s essential know.

“Add in his unparalleled success as a touring artist and the juggernaut that’s No Sneakers Radio, and also you notice Kenny is genuinely a phenomenon. It’s a pleasure and a privilege to welcome Kenny and Clint to the Hipgnosis Songs household and we’re delighted to launch our new Blackstone backed fund with this landmark acquisition.”

“Kenny Chesney is likely one of the really nice American artists.”

Merck Mercuriadis, Hipgnosis

Kenny Chesney stated: “To know that this music has a house that views the work as a collective physique, one thing that builds on itself and captures the center of No Sneakers Nation, was vital to me. How these songs stay going ahead is important, and I consider Merck has one of the best pursuits of not simply the recordings however the individuals who love them as his driving curiosity.

“For the individuals who love these songs and albums, it is a situation that permits the music to develop and mirror who these of us dwelling inside these songs really are.”

Clint Higham stated: “Kenny has put his life into amassing the collected physique of labor contained right here, and it’s one thing we’ve got all taken very significantly all through his unprecedented profession. There isn’t a deal that’s extra vital than defending the legacy of those songs.

“Working with Merck and his crew to safe this deal, we discovered people who find themselves as critical concerning the recordings as we’re, and that means there may be an unimaginable future for Kenny’s recorded music by way of the Hipgnosis crew.”

Hipgnosis Songs Fund, the UK-listed fund that Mercuriadis floated on the London Inventory Change in 2018, lately revealed a string of stats about its personal efficiency over the earlier 12 months.

In December, the agency confirmed that it owned a music rights catalog value over USD $2.5 billion.

Its interim monetary report said: “As at 30 September 2021, [our] Portfolio includes of 146 Catalogs, 65,413 songs, with an combination truthful worth of $2.55 billion (as decided by the Unbiased Portfolio Valuer).”Music Enterprise Worldwide

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