Hipgnosis Songs Fund Limited Acquisition of Music Catalogue (4683O)
January 30 2019 - 2:00AM
UK Regulatory
TIDMSONG
RNS Number : 4683O
Hipgnosis Songs Fund Limited
30 January 2019
30 January 2019
Hipgnosis Songs Fund Limited ("Hipgnosis" or the "Company")
Acquisition of Music Catalogue
The Board of Hipgnosis Songs Fund Limited and its Investment
Adviser, The Family (Music) Limited, are pleased to announce that
the Company has acquired a music catalogue from Itaal Shur, best
known for co-writing the multi platinum song 'Smooth' which
according to Billboard magazine is the second most successful song
of all time.
'Smooth' is the only song to have ever appeared on two Billboard
decade ending charts in both 2000 and 2010 and it was The Grammy
"Song Of The Year" for 1999.
'Smooth' became a chart-topping hit in 1999, spending 12
consecutive weeks at number 1 on the Billboard Hot 100. The song
then stayed in the top ten of the Billboard Hot 100 for a total of
30 weeks and, in 2018, Billboard ranked it as the second most
successful song of all time. In a post streaming world 'Smooth' has
proven itself to be evergreen approaching half a billion streams as
it approaches its 20(th) anniversary.
The Company has acquired a 100% interest in the catalogue
including the BMI (Broadcast Music Inc.) share. The catalogue
comprises 209 songs in total, which also includes the US Top 10
song 'Ascension' by Maxwell.
Itaal Shur was advised by Cliff Smallman at the The Riverside
Management Group and Jonathan Ain at Kleinberg, Kaplan, Wolff &
Cohen, P.C.
Merck Mercuriadis, Founder of The Family (Music) Limited and
Hipgnosis Songs Fund Limited, said:
"It's always a good day when you are buying arguably the second
most successful song of all time, particularly a song as enduring
and iconic as Smooth. As Santana prepare to go out on the
"Supernatural Now" 20(th) Anniversary Tour this is the perfect time
to get involved. I'd like to thank Itaal for entrusting us with a
work as special as this."
Itaal Shur, said:
"When I was considering selling my life's work, who bought it
and what they could do with it was as important to me as anything
else. From the first time that I spoke to Merck, I knew that
Hipgnosis was fresh and different and that I had found the right
home for my catalogue."
For further information, please contact:
The Family (Music) Limited Tel: +44 (0)1481 742742
Merck Mercuriadis
N+1 Singer Tel: +44 (0)20 7496
James Maxwell / James Moat (Corporate 3000
Finance)
Alan Geeves / James Waterlow / Sam Greatrex
(Sales)
The Outside Organisation Tel: +44 (0)7711 081
Alan Edwards / Nick Caley 843
NOTES TO EDITORS
About Hipgnosis Songs Fund Limited
(www.hipgnosissongs.com)
Hipgnosis, which was founded by Merck Mercuriadis, is a Guernsey
registered investment company established to offer investors a
pure-play exposure to songs and associated musical intellectual
property rights. In its Initial Public Offering on the Specialist
Fund Segment of the London Stock Exchange's main market on 11 July
2018, the Company raised approximately GBP200m gross equity
capital.
About The Family (Music) Limited
The Company's Investment Adviser is The Family (Music) Limited,
which was founded by Merck Mercuriadis, former manager of globally
successful recording artists, such as Elton John, Guns N' Roses,
Morrissey, Iron Maiden and Beyoncé, and hit songwriters such as
Diane Warren, Justin Tranter and The-Dream, and former CEO of The
Sanctuary Group plc. The Investment Adviser has assembled an
Advisory Board of highly successful music industry experts which
include award winning members of the artist, songwriter,
publishing, legal, financial, recorded music and music management
communities, all with in-depth knowledge of music publishing.
Members of The Family (Music) Limited Advisory Board include Nile
Rodgers, The-Dream, Giorgio Tuinfort, Bill Leibowitz, Ian Montone,
and Jason Flom.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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