Get the latest gossip

Merck Mercuriadis Exits CEO Role at Hipgnosis Song Management

Mercuriadis will transition to chairman, with Ben Katovsky rising to chief executive as the advisor eyes smoother relations with its publicly listed royalty fund.

The executive, who spent years managing the careers of artists like Elton John, Beyoncé and Guns N’ Roses, will transition to a chairman role and will continue to “lead engagement” with industry stakeholders on behalf of the business, it said. A main sticking point is the investment advisor’s call option — a right to purchase the company’s catalogs if its contract is terminated with less than 12 months’ notice, among other scenarios — which the board contends harms the fund’s ability to receive competitive bids. The fund’s board wants to make the bidding process more attractive and on Jan. 18 announced a proposal to pay bidders a 20-million-pound ($25.4 million) fee to cover due diligence and acquisition costs when they pursue a purchase of HSFs assets.

Get the Android app