Connect with us

Hi, what are you looking for?

Jewish Business News

Business

Blackstone to buy Music-Rights Company Sesac

2016-about-image-revised-sesac

Blackstone Group, which is lead by Stephen Schwarzman, has entered into an agreement to acquire the only U.S music rights organization SESAC Holdings from Rizvi Traverse Management. Although financial terms were not disclosed, the Wall Street Journal reports that the Nashville based company sold a 75 percent stake to Rizvi Traverse in 2013 for $600 million.

The transaction is expected to close by the end of the first quarter of 2017.

SESAC currently licenses the public performances of more than 400, 000 songs on behalf of its 30, 000 affiliated songwriters, composers and music publishers.

The list includes such familiar names as Bob Dylan, Neil Diamond, RUSH, The Avett Brothers and Paul Shaffer and Thompson Square.

SESAC has long represented the music on some radio stations and TV’s biggest shows including Grey’s Anatomy, How I Met Your Mother, Parenthood among many others.

This transaction is Blackstone’s first-ever investment in the music industry, and first as part of its core private equity strategy, which is specifically designed to hold private equity investments for 10-15 years, more than twice the holding period of a traditional private-equity fund.

Blackstone was founded in 1985 and has grown worldwide to oversee $100 billion in assets. The firm’s acquisition included Hilton Worldwide, Extended Stay America, SeaWorld Entertainment and The Weather Channel.
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Newsletter

Advertisement

You May Also Like

World News

In the 15th Nov 2015 edition of Israel’s good news, the highlights include:   ·         A new Israeli treatment brings hope to relapsed leukemia...

empty

The contract signed between the Israeli government and Pfizer shows clearly and unequivocally that this is a clinical study on humans - The agreement...

Business

Now Platika joins and elite club of $10 billion plus Israeli firms.

Travel

After two decades without a rating system in Israel, at the end of 2012 an international tender for hotel rating was published.  Invited to place bids...

Advertisement