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Hipgnosis Songs Fund Agrees to $1.4 Billion Takeover by Concord
The troubled Hipgnosis Songs Fund has agreed to a $1.4 billion sales to Nashville-based Concord.
The troubled Hipgnosis Songs Fund, whose former CEO Merck Mercuriadis drove up the value of music catalogs with more than $3 billion in acquisitions before overspending and problematic management caused the company to lose more than half of its value, has agreed to a $1.4 billion sales to Nashville-based Concord, the companies announced in the early hours of Thursday. The catalogs involved include assets by Neil Young, the Red Hot Chili Peppers, Shakira and others. Adding to its woes, interest rates rose and the price of available catalogs grew untenably expensive; Hipgnosis’ value plunged to at times less than half of its 2021 peak, which was $2.6 billion, according to Citrin Cooperman.
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