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KKR-led Group Nears Deal For Rights To Hits By The Weeknd, Lorde – FT

A consortium led by personal fairness big KKR & Co is nearing a deal to purchase rights to music by pop icons Lorde and The Weeknd for $1.1 billon, the Monetary Occasions reported on Tuesday, citing folks aware of the talks.

The investor group, which can take a majority stake, and the household workplace of Stephen Hendel, a former Goldman Sachs accomplice, are closing in on a deal to purchase {the catalogue} from music firm Kobalt, whose roster of artists additionally consists of Paul McCartney and Stevie Nicks, the FT report mentioned.

KKR declined to remark, whereas Kobalt didn’t instantly reply to a Reuters request for remark.

The deal for {the catalogue} may very well be introduced as quickly as this week, the report added.

This comes shut on the heels of one other main personal fairness funding within the music business when Blackstone Inc partnered with an advisory agency owned by music government Merck Mercuriadis to purchase music rights and document songs.

As a part of the partnership, Blackstone mentioned on Tuesday it will deploy round $1 billion and in addition take an possession stake in Hipgnosis Music Administration, an adviser to the London-listed music catalogues investor Hipgnosis Songs Fund.

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