18 January 2024 , 14:36
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Hipgnosis Songs Fund is ready to offer a whopping £20 million to anyone interested in buying its music catalogue, which includes tunes from world-renowned artists like 50 Cent and Blondie.
The company, co-founded by Beyonce's former manager Merck Mercuriadis and Nile Rodgers of Chic, has been facing some challenges recently, including financial losses and internal disputes. Despite owning the rights to songs from stars like Justin Bieber, Shakira, and Barry Manilow, Hipgnosis has struggled to find a buyer who values their catalogues highly enough.
Now, they're setting aside £20 million to tempt a potential buyer to take over their more than 150 song catalogues. This comes after shareholders voted against the company continuing as it is, leading to a new board considering all options for the firm's future.
Robert Naylor, boss of Hipgnosis, stated: "Investors in Hipgnosis Songs Fund overwhelmingly voted for change when they rejected the continuation of the company and the proposed sale of certain music assets. The newly constituted board believes it is essential to try to level the playing field so shareholder value can be maximised."
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