Economic news

Mercuriadis bows out as Hipgnosis Songs Management CEO, to become chair

2024.02.02 16:56


© Reuters. FILE PHOTO: Merck Mercuriadis attends the Songwriters Hall of Fame 51st Annual Induction and Awards Gala in New York New York, U.S., June 16, 2022. REUTERS/Caitlin Ochs/File Photo

(Reuters) – Music business veteran Merck Mercuriadis has stepped down as the CEO of Hipgnosis Songs Management (HSM), the artist administration agency he based, in a transfer that would assist enhance relations with the corporate’s music royalties fund.

Mercuriadis, who has managed bands together with Guns N’ Roses and artists such as Elton John and Beyonce, will to tackle the newly created position of chairman and hand over the CEO place to Chief Operating Officer Ben Katovsky, HSM mentioned on Friday.

HSM manages over 150 tune catalogues and is the funding adviser to Hipgnosis Songs Fund (HSF), a belief, which holds the rights to the work of artists starting from Shakira to Neil Young.

Mercuriadis, 60, based each the companies, attracting buyers with a gentle supply of revenue on royalties from streaming and performances, however faltering valuations amid excessive rates of interest has angered some.

Relations between HSM, which is backed by personal fairness agency Blackstone (NYSE:), and HSF have additionally become strained in current months after HSF shareholders revolted towards a $440 million catalogue sale deal, which compelled a revamp of the fund’s board and a strategic assessment.

A key level of competition has been HSM refusing to drop a name choice from its advisory settlement that enables it to bid for HSF’s portfolio.

On Wednesday, HSF shareholders will vote on a proposal to enshrine the fee of a price of up to 20 million kilos as “cost protection” to potential bidders who could also be deterred by the decision choice.

HSM mentioned it had sought approval from the fund for the administration transition.

“HSF is our biggest client so out of respect we wanted them to confirm they have no issue with Merck’s new role, and we do not believe there would be any justification for them not to agree,” a spokesperson for HSM mentioned in an emailed assertion.

Katovsky, 42, and in addition a longtime music business government, has been with HSM since 2022.

“I particularly hope we will be able to work constructively with the Board of Hipgnosis Songs Fund Ltd,” he mentioned in an announcement.

HSF didn’t instantly reply to a request for remark.

Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 57,014.28 0.97%
ethereum
Ethereum (ETH) $ 3,249.21 0.04%
tether
Tether (USDT) $ 1.00 0.10%
bnb
BNB (BNB) $ 396.56 1.53%
solana
Solana (SOL) $ 107.80 3.62%
staked-ether
Lido Staked Ether (STETH) $ 3,248.05 0.07%
xrp
XRP (XRP) $ 0.580874 3.80%
usd-coin
USDC (USDC) $ 1.00 0.15%
cardano
Cardano (ADA) $ 0.618287 1.74%
avalanche-2
Avalanche (AVAX) $ 39.16 1.26%
dogecoin
Dogecoin (DOGE) $ 0.09511 5.43%
tron
TRON (TRX) $ 0.143596 2.34%
chainlink
Chainlink (LINK) $ 18.88 1.90%
polkadot
Polkadot (DOT) $ 8.29 1.99%
matic-network
Polygon (MATIC) $ 1.03 3.96%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 56,996.27 1.30%
uniswap
Uniswap (UNI) $ 10.88 1.59%
the-open-network
Toncoin (TON) $ 2.17 0.36%
shiba-inu
Shiba Inu (SHIB) $ 0.000011 5.04%
internet-computer
Internet Computer (ICP) $ 12.87 2.35%
bitcoin-cash
Bitcoin Cash (BCH) $ 291.69 5.75%
litecoin
Litecoin (LTC) $ 74.10 2.12%
dai
Dai (DAI) $ 1.00 0.04%
immutable-x
Immutable (IMX) $ 3.34 3.32%
cosmos
Cosmos Hub (ATOM) $ 11.18 2.13%
blockstack
Stacks (STX) $ 2.97 4.73%
filecoin
Filecoin (FIL) $ 8.11 2.36%
leo-token
LEO Token (LEO) $ 4.40 1.17%
near
NEAR Protocol (NEAR) $ 3.91 3.46%
ethereum-classic
Ethereum Classic (ETC) $ 28.01 2.08%
kaspa
Kaspa (KAS) $ 0.168988 2.30%
bittensor
Bittensor (TAO) $ 603.22 2.20%
hedera-hashgraph
Hedera (HBAR) $ 0.109907 2.69%
aptos
Aptos (APT) $ 10.01 2.24%
injective-protocol
Injective (INJ) $ 40.73 10.63%
optimism
Optimism (OP) $ 3.75 3.45%
vechain
VeChain (VET) $ 0.048265 2.50%
stellar
Stellar (XLM) $ 0.121057 1.20%
first-digital-usd
First Digital USD (FDUSD) $ 1.00 0.12%
lido-dao
Lido DAO (LDO) $ 3.46 3.34%
okb
OKB (OKB) $ 51.26 0.49%
mantle
Mantle (MNT) $ 0.868016 6.90%
celestia
Celestia (TIA) $ 16.63 3.31%
render-token
Render (RNDR) $ 7.25 3.10%
crypto-com-chain
Cronos (CRO) $ 0.101379 1.51%
the-graph
The Graph (GRT) $ 0.284413 0.06%
monero
Monero (XMR) $ 139.34 4.19%
arbitrum
Arbitrum (ARB) $ 1.86 4.02%
sei-network
Sei (SEI) $ 0.874726 4.17%
maker
Maker (MKR) $ 2,152.12 0.57%