As anticipated, Concord has acquired Spherical Hill’s UK-listed music fund, Round Hill Music Royalty Fund (RHM).
Harmony confirmed the information on Thursday (November 2), noting that the deal consists of over 150,000 songs and 51 catalogs, together with works by The Beatles, Alice In Chains, The Offspring, and hits recorded by Elvis Presley, Meatloaf, James Brown, and Billie Vacation.
It additionally features a stake within the Carlin Catalog, which incorporates hits made well-known by artists together with Johnny Money, Aretha Franklin, Ella Fitzgerald, Elvis Presley, Peggy Lee, and George Harrison.
In an announcement issued on Thursday, Harmony stated that the deal “highlights Harmony’s continued development and general confidence within the copyright market”.
At the moment’s information arrives over a month-and-a-half after we first reported (on September 8), that Alchemy Copyrights, LLC, buying and selling as Harmony, had agreed phrases on a deal whereby it could purchase everything of Round Hill Music Royalty Fund (RHM) – the UK-listed fund operated by Spherical Hill Music – if it might safe RHM’s shareholder approval.
On October 18, the RHM Board approved the agency’s proposed USD$468.8 million sale to Harmony with 99% of votes solid in favor.
Consequently, in accordance with the assertion issued by RHM to the market final month, the efficient date of the Harmony/RHM “Scheme” could be Tuesday, October 31, 2023.
That very same assertion additionally supplied a timetable for the transaction, marking Wednesday, November 1 because the day that may see the “cancellation of [the] itemizing of RHM Shares on [the] London Inventory Change”.
(Spherical Hill Music Royalty Fund initially floated on the London Inventory Change in November 2020).
A discover of “cancellation of admission of buying and selling” was issued to the LSE on Wednesday (November 1) with impact from 8 a.m. GMT on November 1.
On Wednesday, the London Inventory Change published a Discover of Removing of Spherical Hill Music Royalty Fund Restricted’s securities.
Since 2015, Harmony has deployed greater than USD $2.0 billion of capital and accomplished greater than 100 transactions throughout recorded music, music publishing and theatricals.
Its largest acquisitions thus far embrace its $550 million-plus acquisition of Imagem in 2017, and final yr’s acquisition ~$300m acquisition of music rights from Phil Collins and members of Genesis.
Elsewhere at Harmony, in August 2022, the corporate expanded into Australasia, by way of the eight-figure acquisition of Native Tongue.
In September this yr, Harmony acquired the music publishing catalog of New York, Nashville, and London-based music writer, Mojo Music & Media. The catalog consists of works of the bands REO Speedwagon, KISS, and Cheap Trick.
Credit score: Elena Goss
“The whole group at Harmony is thrilled to have the ability to symbolize these iconic catalogs.”
Commenting on the acquisition, Bob Valentine, CEO of Harmony stated: “The whole group at Harmony is thrilled to have the ability to symbolize these iconic catalogs.
“It’s now our obligation to reveal these songs and recordings to an excellent bigger viewers than their current extraordinary fan bases. Furthering the cultural affect that these works have is definitely a duty we take significantly.”
Valentine added: “Since our inception, Harmony has demonstrated a transparent observe file of preserving the legacy of our artists whereas leveraging new and revolutionary alternatives to create new followers.
“I can’t wait to see what our international artistic groups of sync, licensing, advertising and marketing, copyright, and royalty specialists give you subsequent.”
In December 2022, Harmony confirmed that it had efficiently priced $1.8 billion of senior notes secured by what it stated was a “good portion” of its catalog of sound recordings and songs.
The transaction was claimed by Harmony to be “the most important asset-backed securitization providing of music rights within the trade thus far when it comes to each dimension of issuance and variety of property (over a million copyrights)”.Music Enterprise Worldwide
