Fast-growing US collection and licensing society SESAC has been acquired by private equity funds affiliated with the $35bn-valued Blackstone Group.
Blackstone, which has over $360bn in assets under management, has entered into an agreement to acquire SESAC Holdings from Rizvi Traverse Management.
The transaction is expected to close by the end of the first quarter of 2017. Financial details of the transaction were not disclosed.
Author: Tim Ingham
SESAC, which acquired the Harry Fox Agency (HFA) in 2015, claims to be the only US-based music rights organization that administers public performance, mechanical, synchronization and other rights all within a single company.
It says that its growing sound recording-matched composition database makes it ‘the primary source for real-time record release and publishing data as well as the de facto database of record for the U.S. publishing industry’.
The company’s 30,000 clients include songwriters and musicians such as Bob Dylan, Neil Diamond, RUSH, Charli XCX (PRS), Zac Brown, Mumford & Sons (PRS), Lady Antebellum, Mariah Carey, Axl Rose, Shirley Caesar, and Robin Thicke.
It recently expanded its activities to include the international market through MINT - a joint venture with Swiss collection society SUISA, that will license and administer music rights to digital music platforms on a pan-
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