Reservoir Acquires Hit Songs by Platinum-Selling Writer-Producer Dallas Austin
November 18 2021 - 8:00AM
Reservoir Media, Inc. (NASDAQ: RSVR) (“Reservoir” or the
“Company”), an award-winning independent music company, today
announced the acquisition of hit songs by Platinum-selling
songwriter and producer Dallas Austin. In recognition of his
contributions to the music industry, Austin was inducted into the
Songwriters Hall of Fame in 2019.
Austin’s catalog spans several decades and
includes hit songs such as Boyz II Men’s “Motownphilly,” several
hits off Madonna’s 3x-Platinum selling Bedtime Stories, Gwen
Stefani’s “Cool,” P!nk’s “Just Like a Pill” and “Don’t Let Me Get
Me,” Michael Jackson’s “2 Bad,” and many more. Austin also
notably collaborated on five tracks off TLC’s debut album
Ooooooohhh... On the TLC Tip, including singles “Ain’t 2 Proud 2
Beg” and “What About Your Friends.” He went on to contribute to two
Hot 100 #1’s for the group, writing and producing 1994’s
Platinum-selling “Creep,” and co-writing and producing 1999’s
“Unpretty.”
"Dallas Austin is a legendary producer with
legacy songs,” stated Austin’s catalogue manager Liz Garner of
Garner Group Music. “I knew if we were going to find a partner for
these hit songs, it would have to be with someone we could build
with in the future. Reservoir was the one.”
Reservoir EVP, A&R and Catalog
Development Faith Newman added, “Dallas’ catalog is deep with great
cuts, and we are so happy to bring some of his fantastic music to
Reservoir. We look forward to continuing his music’s legacy.”
ABOUT RESERVOIR
Reservoir is an independent music company based
in New York City and with offices in Los Angeles, Nashville,
Toronto, London, and Abu Dhabi. Reservoir is the first U.S.-based
publicly traded independent music company and the first female
founded and led publicly traded music company in the U.S. Founded
as a family-owned music publisher in 2007, Reservoir has grown to
represent over 130,000 copyrights and 36,000 master recordings with
titles dating as far back as 1900 and hundreds of #1 releases
worldwide. Reservoir holds a regular Top 10 U.S. Market Share
according to Billboard’s Publishers Quarterly, was twice named
Publisher of the Year by Music Business Worldwide’s The A&R
Awards, and won Independent Publisher of the Year at the 2020 Music
Week Awards.
Reservoir also represents a multitude of
recorded music through Chrysalis Records, Tommy Boy Records, and
Philly Groove Records and manages artists through its ventures with
Blue Raincoat Music and Big Life Management.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking
statements within the meaning of the “safe harbor” provisions of
the Private Securities Litigation Reform Act of 1995, as amended,
including statements with respect to the financial condition,
results of operations, earnings outlook and prospects of Reservoir.
Forward-looking statements are based on the current expectations
and beliefs of the management of Reservoir and are inherently
subject to a number of risks, uncertainties and assumptions and
their potential effects. There can be no assurance that future
developments will be those that have been anticipated. These
forward-looking statements involve a number of risks, uncertainties
or other assumptions that may cause actual financial condition,
results of operations, earnings and/or prospects to be materially
different from those expressed or implied by these forward-looking
statements. Any statements that refer to projections, forecasts or
other characterizations of future events or circumstances,
including any underlying assumptions, are forward-looking
statements. In addition, forward-looking statements are typically
identified by words such as “plan,” “believe,” “expect,”
“anticipate,” “intend,” “outlook,” “estimate,” “forecast,”
“project,” “continue,” “could,” “may,” “might,” “possible,”
“potential,” “predict,” “should,” “would” and other similar words
and expressions, but the absence of these words does not mean that
a statement is not forward-looking. The risks, uncertainties and/or
assumptions include, among others, those discussed and identified
in public filings made with the Securities and Exchange Commission
by Reservoir and the following:
- expectations
regarding Reservoir’s strategies and future financial performance,
including its future business plans or objectives, prospective
performance and opportunities and competitors, revenues, products,
pricing, operating expenses, market trends, liquidity, cash flows
and uses of cash, capital expenditures;
- Reservoir’s
ability to invest in growth initiatives and pursue acquisition
opportunities;
- the ability to
achieve the anticipated benefits of the business combination, which
may be affected by, among other things, competition and the ability
of Reservoir to grow and manage growth profitably and retain its
key employees;
- the inability
to maintain the listing of Reservoir’s common stock on the Nasdaq
Stock Market LLC and limited liquidity and trading of Reservoir’s
securities;
- geopolitical
risk and changes in applicable laws or regulations;
- the possibility
that Reservoir may be adversely affected by other economic,
business and/or competitive factors;
- risks related
to the organic and inorganic growth of Reservoir’s business and the
timing of expected business milestones;
- risk that the
COVID-19 pandemic, and local, state and federal responses to
addressing the COVID-19 pandemic, may have an adverse effect on
Reservoir’s business operations, as well as its financial condition
and results of operations; and
- litigation and
regulatory enforcement risks, including the diversion of management
time and attention and the additional costs and demands on
Reservoir’s resources.
Should one or more of these risks or
uncertainties materialize or should any of the assumptions made by
the management of Reservoir prove incorrect, actual results may
vary in material respects from those projected in these
forward-looking statements.
Except to the extent required by applicable law
or regulation, Reservoir undertakes no obligation to update these
forward-looking statements to reflect events or circumstances after
the date of this press release or to reflect the occurrence of
unanticipated events.
Media Contact
Reservoir Media, Inc.
Suzy Arrabito
Vice President, Marketing & Communications
sa@reservoir-media.com
www.reservoir-media.com
Investor Contact
Alpha IR Group
Jackie Marcus or Mike Dwyer
RSVR@alpha-ir.com
Source: Reservoir Media, Inc.
Reservoir Media (NASDAQ:RSVR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Reservoir Media (NASDAQ:RSVR)
Historical Stock Chart
From Apr 2023 to Apr 2024