The proprietor of music catalogues produced by artists equivalent to ZZ Prime and Ellie Goulding is elevating lots of of thousands and thousands of {dollars} in a cope with the non-public fairness agency Searchlight Capital.
Business sources mentioned the deal was more likely to be introduced this week.
Chord, which additionally owns the rights to songs made by Lorde, The Weeknd and John Legend, not too long ago purchased a stake within the catalogue of Morgan Wellen.
The corporate is collectively owned by Dundee Companions, a household workplace, and UMG, with KKR, the non-public fairness big, having been a shareholder till final yr.
The sale of KKR’s stake passed off at a valuation of $1.85bn.
It’s the newest in a glut of offers involving distinguished music rights, with a land seize for beneficial leisure content material persevering with to drive costs greater.
Chord was shaped in 2021 and is anticipated to announce additional catalogue acquisitions within the coming months.
Sir Lucian Grainge, chairman and chief govt of UMG, mentioned on the time of its Chord stake buy: “Discovering companions who share our ardour for figuring out iconic songs and recordings that may stand the check of time and ship long-term development is crucial.
“We look forward to creating maximum commercial and creative value for the songwriters and artists in Chord and building for the future.”
UMG declined to remark, whereas neither Chord nor Searchlight might be reached for remark.
