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.

Please help us out :
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at office@jewishbusinessnews.com.
Thank you.

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.

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...

Entertainment

The Movie The Professional is what made Natalie Portman a Lolita.

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...

VC, Investments

You may not become a millionaire, but there is a lot to learn from George Soros.