Partially 1 of the collection, we traced the music rights gross sales increase since 2019. On this half, we are going to take a more in-depth take a look at the businesses that present the monetary assets to amass music rights catalogues. These are a number of the largest corporations within the worldwide monetary trade. They embody BlackRock, Blackstone, KKR, The Carlyle Group, Brookfield Asset Administration and Apollo World Administration. These corporations handle billions, and even trillions, of US {dollars} of belongings beneath administration (AUM) in investor capital. These are primarily personal fairness companies whose enterprise mannequin entails figuring out undervalued belongings, buying them through the use of a mixture of fairness and debt capital, after which promoting them at an elevated goal worth to generate returns for his or her buyers. Their income mannequin relies on varied charges they obtain for his or her administration companies. This second a part of the ‘Observe the Cash!’ collection presents an important of those monetary and funding giants.
Observe the Cash! Massive Capital within the Music Rights Market – Half 2: The Funding Giants
BlackRock Inc.
BlackRock Inc. is the biggest monetary and funding conglomerate on this planet, with 19,800 workers in over 30 nations and managing US $10 trillion in belongings by the top of 2023.[1] It was based in March 1988 as Blackstone Monetary Administration by Larry Fink and different former managers of US funding financial institution First Boston, with monetary help from Blackstone, which initially held a 50 per cent stake.[2] In 1994, Blackstone bought its stake, and the corporate was renamed BlackRock Monetary Administration.[3] BlackRock went public in 1999, managing US $141 billion in belongings.[4]
BlackRock is concerned within the music IP market by means of two funding automobiles: BlackRock Various Traders (BAI) and Affect Media Companions, a three way partnership with Warner Music Group. BAI partnered with Main Wave in 2016 to speculate US $300 million in Main Wave’s IP Fund 1, buying shares of Smokey Robinson’s music catalogue.[5] BAI was shaped when BlackRock purchased Quellos Group’s fund-of-funds enterprise for US $1.7 billion in 2007. Hedge funds, like BAI, use high-risk methods to outperform market returns. Fund-of-funds diversify investments to scale back danger for conservative buyers, although they arrive with larger administration charges.[6] In 2022, Brookfield Asset Administration purchased out BAI, investing US $1.7 billion in Main Wave and buying US $700 million price of rights from Main Wave’s IP Fund 1 and a pair of.[7] Affect Media Companions, based by Lylette Pizarro in 2019, partnered with Warner Music Group in 2022 to create a music IP fund. BlackRock invested US $750 million within the firm to amass music catalogues from artists like Dangerous Bunny, Bruno Mars, and Enrique Iglesias.[8] In December 2024, HPS Funding Companions, with US $148 billion in belongings, grew to become a part of BlackRock. HPS invested US $1 billion in Iconic Artist Group, buying Rod Stewart’s music catalogue for US $100 million.[9] BlackRock, due to this fact, has direct investments within the music rights market with HPS Funding Companions and is not directly concerned with Affect Media Companions. However, BlackRock’s engagement within the music IRP market stays very restricted and seems to be solely a marginal a part of the group.
Blackstone Group
Blackstone is among the oldest personal fairness corporations, based in 1985 by former Lehman Brothers executives Peter Peterson and Stephen Schwarzman in New York Metropolis. The title “Blackstone” comes from the founders’ names: “Schwarz” means black in German, and “Peter” (from “petros”) means rock or stone in Greek.[10] Initially, Blackstone’s enterprise mannequin was to purchase poorly run public corporations, delist them, enhance their worth, and promote them at a revenue. This mannequin is typical for personal fairness corporations, and Blackstone was a pioneer on this discipline. After a non-public fairness increase within the Nineteen Eighties, the marketplace for leveraged buyouts cooled within the Nineties however recovered within the early 2000s. Blackstone was a number one participant throughout this era, collaborating in vital acquisitions resembling Houghton Mifflin Firm[11] and music shopping for membership Columbia Home in 2002.[12]. In 2007, Blackstone acquired Hilton Resorts for US $26 billion[13] and went public shortly earlier than the subprime mortgage disaster.[14] Regardless of the disaster, Blackstone emerged comparatively unscathed and continued to be a key participant in personal fairness acquisitions within the 2010s and 2020s. Over time, Blackstone reworked from a pure personal fairness firm to another funding administration conglomerate. By 2023, it reported 4 enterprise segments: Actual Property, Non-public Fairness, Credit score & Insurance coverage, and Hedge Fund Options. The Actual Property section was the biggest, adopted by Credit score & Insurance coverage, Non-public Fairness, and Hedge Fund Options.[15] Blackstone’s principal income sources are administration and advisory charges, together with realized funding earnings.
Blackstone’s preliminary foray into the music rights market started with the acquisition of the non-profit US-collecting society, Society of European Stage Authors and Composers (SESAC), for a rumoured US $1 billion in January 2017.[16] This acquisition was made by Blackstone’s Core Fairness Companions (BCEP I), which manages US $4.76 billion in belongings. BCEP I is a long-term personal fairness fund with a concentrate on investments exceeding ten years.[17] In addition to SESAC, BCEP I has made sixteen different investments, together with the acquisition of Japanese actual property firm GE Capital in 2020[18] and the producer of promoting supplies, HH World, in 2019.[19] The restricted companions of BCEP I are primarily retirement and pension funds within the US, Canada and Finland.[20]
Hipgnosis Songs Capital and Hipgnosis Music Administration Ltd. are managed by Blackstone Tactical Alternatives Advisors (BTOA), which manages a number of funds, together with the Blackstone Tactical Alternatives Funds I-IV.[21] The Tactical Alternatives Fund I (Tac Opps I), which administers the Hipgnosis belongings, was launched in 2012 with US $5.6 billion to put money into personal funding alternatives outdoors of conventional personal fairness.[22] Tac Opps I has buyers as restricted companions, primarily retirement funds such because the New York State Retirement Fund and the Allegheny County Retirement System.[23] Different investments of Tac Opps I embody L’Occitane Worldwide, Sustana Fiber, and SUNZ Insurance coverage.[24]
Blackstone can be a 9 per cent shareholder of New Mountain Capital, which led a consortium to purchase the US accumulating society Broadcast Music Integrated (BMI) for a rumoured US $1.3 billion in November 2023.[25] New Mountain Capital focuses on small and mid-sized corporations in monetary hassle, utilizing a modest quantity of debt to restructure and later promote them.[26] New Mountain Capital manages US $29.1 billion in belongings from pooled funding automobiles with retirement and pension funds as restricted companions.[27]
Apollo World Administration
Apollo Advisors was based by 4 former executives of Drexel Burnham Lambert after its chapter in 1990, elevating US $400 million for a non-public fairness fund specialising in distressed securities.[28] In 1993, Apollo entered the actual property market with the Apollo Actual Property Funding Fund.[29] Between 1995 and 2001, Apollo established three extra personal fairness funds with a complete of US $8.8 billion in investor commitments.[30] Earlier than the 2008 monetary disaster, Apollo benefited from the personal fairness market increase, buying a number of corporations in multi-billion-dollar offers resembling Momentive Efficiency Supplies for US $3.8 billion and the Dutch mail and parcel service PostNL for US $1.9 billion in 2006 in addition to Noranda Aluminium for US $1.15 billion[31]. In 2007, Abu Dhabi Funding Authority purchased a 9 per cent stake in Apollo,[32] foreshadowing a deliberate IPO in 2008, which finally failed because of the worldwide monetary disaster. The IPO was postponed to 2011, when Apollo World Administration raised US $565.4 million on the New York Inventory Change.[33] This led to new investments in media and cultural industries, such because the acquisition of McGraw-Hill’s training unit[34] and the merger of Apollo’s Endemol tv studios with 21st Century Fox’s Shine Group to type Endemol Shine Group. [35] From the 2010s onwards, Apollo continued to amass corporations in multi-billion-dollar offers, together with Verizon Media Group with Yahoo![36] and insurance coverage big Athene.[37]
Apollo World Administration’s involvement within the music rights market, although modest in comparison with multi-billion-dollar offers, is important. In October 2021, Apollo offered US $1 billion to HarbourView Fairness Companions, based by Sherrese Clarke Soares, to amass grasp and publishing rights.[38] HarbourView has since spent at the least US $500 million on music rights, with its credit score line elevated to US $300 million in December 2023.[39] Apollo additionally partnered with Harmony Bicycle Music Group in 2022 to subject US $1.8 billion in asset-backed securities and supported Harmony’s unsuccessful bid for the Hipgnosis Songs Fund.[40] Most lately, Apollo co-invested US $700 million within the music catalogue of the British rock band Queen, which Sony Music bought for $1.27 billion in June 2024.[41]
Kohlberg Kravis Roberts & Co. (KKR)
KKR, based in 1976 by Jerome Kohlberg Jr., Henry Kravis, and George Roberts, is a outstanding personal fairness agency identified for pioneering leveraged buyout offers. It gained fame with its US $31.3 billion takeover of RJR Nabisco in 1988, a deal detailed within the e book “Barbarians on the Gate.”[42] All through the Nineteen Eighties and Nineties, KKR led the personal fairness market with vital acquisitions, together with Beatrice Firms, the proprietor of Samsonite, and the US $5.5 billion buyout of Safeway.[43]. Regardless of a slowdown within the early Nineties, KKR re-entered the market with a US $5 billion fund in 1996, resulting in additional buyouts like Amphenol Company[44] and Wincor Nixdorf.[45] Within the 2000s, KKR continued its success with main transactions resembling Toys “R” Us[46] and SunGard,[47] and its largest pre-crisis deal, the US $44.4 billion buyout of Texas-based electrical energy retailer TXU.[48] After the 2008 monetary disaster, KKR resumed its actions and expanded into actual property with the acquisition of Yorktown Heart in 2012, establishing a brand new enterprise section.[49]
Within the 2010s, KKR began to put money into the media and cultural industries. In 2019, KKR acquired three tv and movie manufacturing corporations in Germany[50] – Tele München Gruppe, Universum Movie GmbH and Wiedemann & Berg Movie Manufacturing – and a 43.54 per cent stake within the German media conglomerate Axel Springer AG for US $3.2 billion.[51] But additionally outdoors Germany, KKR was within the cultural industries and acquired one of many world’s largest e book publishers, Simon S. Schuster, for US $1.6 billion in 2023.[52]
KKR started its engagement within the music sector in 2009 with a three way partnership with Bertelsmann AG to create BMG Rights Administration, through which KKR invested EUR 250 million in return for a 51 per share.[53] Over time, BMG acquired quite a few music publishers and report labels. Nonetheless, KKR withdrew from the three way partnership in March 2013, and Bertelsmann AG acquired KKR’s stake for EUR 300 million.[54] In January 2021, KKR purchased a majority stake within the music catalogue of Ryan Tedder, the frontman of OneRepublic, for US $200 million. This deal included Tedder’s songs written for different artists after January 1, 2016, and the songs he has written and carried out for OneRepublic.[55] KKR made this funding by means of Chord Music Companions, a three way partnership with Dundee Companions, utilizing capital from KKR’s Dislocation Alternatives Fund. KKR’s Dislocation Alternatives Fund is a distressed debt fund,[56] based in 2019, with US $2.97 billion AUM. The Dislocation Alternatives Fund has 10 restricted companions[57] primarily foundations, charitable organizations and insurance coverage corporations. In October 2021, Chord Music Companions and the Dislocation Alternatives Fund purchased the KMR Music Royalties II portfolio from Swedish music writer Kobalt, which contained 62,000 music copyrights, for US $1.1 billion.[58] Shortly after, KKR partnered with BMG once more in March 2021 to collectively purchase music rights, with every get together committing US $500 million for acquisitions.[59] In February 2024, KKR bought its majority stake in Chord Music to Common Group, which holds now a 25.8 per cent stake and Dundee Companions proudly owning the remainder of 74.2 per cent.[60]
The Carlyle Group
The Carlyle Group is a worldwide funding firm managing belongings price US $426 billion.[61] Based by 5 companions in New York Metropolis, it initially centered on leveraged buyouts within the protection trade.[62] Regardless of the dot-com bubble burst in 2000, Carlyle continued its buyout initiatives, buying corporations like Dex Media[63] and The Hertz Company.[64] The 2008 monetary disaster led Carlyle to diversify into credit score options and different asset administration. Notable acquisitions embody Italian clothes firm Dainese, cyber safety agency ManTech Worldwide, and a 50 per cent stake in US clothes model Supreme.[65] Carlyle went public in 2012, elevating US $671 million.[66]
In 2022, Carlyle’s World Credit score platform partnered with music trade consultants to ascertain Litmus Music, an funding automobile for music rights. The Credit score Alternatives Fund II (CCOF II), which has deployed US $2.2 billion in media and leisure corporations, offered US $500 million for the acquisition of Keith City’s recording catalogue in 2022 by means of Litmus.[67] The CCOF II was established in 2020 as a classic personal fairness debt fund with US $4.6 billion AUM. It invests within the films, music and leisure, software program, and monetary service sectors. The fund has 13 restricted companions, primarily insurance coverage corporations and retirement plans such because the Allstate Insurance coverage Firm from Illinois and the I.A.M. Nationwide Pension Fund from Washington D.C.[68] In 2023, the CCOF II and Litmus purchased compositions from Benny Blanco, who wrote hits for Rihanna, The Weeknd, Justin Bieber, Arianna Grande and Maroon 5[69] in addition to the grasp royalty earnings stream and publishing rights to Katy Perry’s albums launched between 2008 and 2020.[70] In 2024, Carlyle elevated the credit score facility for Litmus by US $400 million to amass Opus Music Group, which owns rights to music catalogues from Juice WRLD, Ozuna, Maluma, and Rauw Alejandro,[71] and to purchase a share of Randy Newman’s music publishing and recording catalogue.[72]
Brookfield Company and Oaktree Capital Administration
Brookfield Asset Administration, now generally known as Brookfield Company, is among the world’s largest different funding corporations, based mostly in Toronto, Canada. Based in 1899, it has advanced considerably through the years. Initially offering electrical energy and transport infrastructure in Brazil, it was later acquired by Edper Investments and renamed Brascan Ltd.[73] In 2005, it grew to become Brookfield Asset Administration Inc., specializing in Brazilian infrastructure initiatives.[74] By 2018, it had diversified into varied sectors, together with infrastructure, renewable vitality, property, and enterprise companies. Notably, it acquired Westinghouse Electrical Firm from chapter in 2018[75] in addition to a majority stake in Oaktree Capital Companions in 2019 for US $4,7 billion,[76] which has been elevated to 72 per cent in 2024.[77] In 2022, Brookfield Company spun off a 25 per cent curiosity in its asset administration enterprise, forming Brookfield Asset Administration Ltd., which manages US $916 billion in belongings.[78] This contains vital stakes in Oaktree Capital Administration and music writer Main Wave, which controls the music catalogues of famend artists like Ray Charles, Bob Marley, and Whitney Houston.[79]
DWS Group
DWS Group is the most recent PE firm that entered the music rights market in February 2025, when it funded a US $1 billion three way partnership between Slicing Edge Group and Warner Bros. The predecessor of DWS Group was the Deutsche Gesellschaft für Wertpapiersparen, based in 1956, which was later renamed Die Wertpapier Spezialisten (DWS). It was a three way partnership of a number of German monetary establishments led by Deutsche Financial institution, which held a 30 per cent share. In 2004, DWS was totally acquired by Deutsche Financial institution, which reworked DWS right into a wealth and asset administration subsidiary. In 2018, DWS was spun off as a separate firm in an IPO on the Frankfurt inventory trade, with Deutsche Financial institution as the principle shareholder, which nonetheless holds nearly 80 per cent of the shares. With belongings beneath administration of EUR 896 billion, DWS is among the world’s largest asset administration corporations. DWS gives conventional passive funding automobiles resembling securities funds and exchange-traded funds (ETFs) but additionally elevated the variety of different funding alternatives resembling investments in actual property, infrastructure, personal fairness and liquid belongings.[80] State and municipal governmental companies are the principle buyers in DWS funds, adopted by insurance coverage corporations, pension and retirement plans and different funding corporations.[81]
Smaller PE Firms within the Music IPR Market
BlackRock, Blackstone, KKR, Apollo World Administration, Brookfield Asset Administration (together with Oaktree) and The Carlyle Group are the giants of worldwide asset administration and funding which have develop into lively previously few years in music rights market. For these companies, investing in music rights is a distinct segment exercise with a complete AUM of properly beneath 1 per cent, primarily for danger and portfolio diversification functions. The state of affairs is considerably completely different for smaller PE and asset administration companies, which need to pursue a distinct segment technique because of their restricted assets. We are going to present under that music rights investments are far more related to the general providing of those smaller companies by way of belongings beneath administration.
Thus, smaller PE corporations such because the US-based Hellman & Friedman (H&F), Francisco Companions, Windfall Fairness Companions, the Canadian Northleaf Capital Companions and Shamrock Capital Advisors have invested closely in music rights catalogues.
Hellman & Friedman (H&F) made a major funding within the music rights market by buying World Music Rights (GMR) for US $3.3 billion in September 2024, which is a 3.75 per cent share of whole AUM.[82] H&F, based in 1987 by former executives of Lehman Brothers and Solomon Brothers, focuses on leveraged buyouts and progress capital investments, specializing in media, monetary, and data companies. They’ve a historical past of investing in corporations like Axel Springer Verlag, Pro7Sat1 Group, Nielsen, Getty Photographs, and NASDAQ.[83] In 2024, H&F managed US $105 billion in belongings, primarily by means of personal fairness buyouts with their Capital Companions Funds. The most recent fund, the Capital Companions Fund XI, was established in 2023 and has US $22.3 billion in belongings. Main buyers embody public retirement and pension plans, sovereign wealth funds, and different personal fairness companies.[84]
One other San Francisco-based PE firm that has invested in music rights, is Francisco Companions Administration. Francisco Companions had US $45.0 billion AUM by the top of March 2024.[85] Francisco Companions was the lead investor of a consortium, which purchased a 90 per cent stake for US $750 million within the Swedish Kobalt Music Group, consisting of Kobalt Music Publishing and the music accumulating society AMRA in September 2022, which accounted for 1.67 per cent of whole AUM.[86] Francisco Companions was based in 1999 by former workers of different PE companies to concentrate on leveraged buyouts of tech corporations within the Silicon Valley.
One other related investor in music rights is Windfall Fairness Companions, which was based by Jonathan M. Nelson 1989 in Windfall, Rhode Island within the US. Windfall Fairness Companions focuses its investments on media, communications, training, and data applied sciences.[87] In July 2024, Windfall Fairness Companions had US $24.6 billion AUM.[88] In 2019, Windfall partnered with main music firm Warner Music Group to type Tempo Music to amass music publishing in addition to recording catalogues. Windfall offered US $650 million in fairness and debt and Warner acquired a small minority stake within the three way partnership specializing in the administration of the publishing and recorded music belongings purchased by the fund. In February 2025, Warner Music Group purchased a majority stake in Tempo Music for US $450 million from Windfall, which nonetheless holds a minority stake.[89]
Northleaf Capital, a Toronto-based personal fairness firm, has a protracted historical past relationship again to 1969 when it was based as TD Capital. Initially a part of TD Financial institution Monetary Group, it grew to become an unbiased entity in 2009. Northleaf focuses on direct investments in infrastructure and small to medium-sized corporations in OECD nations. In 2016, it expanded into personal credit score, providing loans to mid-market corporations. By 2023, Northleaf managed US $25 billion in funds and personal credit score applications from 275 institutional and particular person buyers.[90]
Northleaf’s investments in music rights are a part of its personal credit score enterprise, described as area of interest investments with low correlation to capital market developments. These investments embody music royalty streams, monetary claims in pending court docket instances, and factoring offers.[91] Northleaf’s portfolio contains corporations like Slicing Edge Group, Duetti, and Crescendo Royalty Funding. Notable offers embody a US $500 million debt refinancing for Slicing Edge Group,[92] a US $75 million credit score facility for Duetti, and a US $303.8 million asset-backed securities issuance by means of Crescendo Royalty Funding, backed by music rights from Spirit Music Group.[93] The London-based Blantyre Capital, which was based as a PE firm in 2016, invested US $125 million in Slicing Edge Media Music in 2022.[94] Since its inception Blantyre made greater than 70 investments price EUR 2.4 billion within the mid-market with a concentrate on European nations. In comparison with the same old investments, which vary from EUR 15 to 100 million, the Slicing Edge funding was distinctive excessive and accounts for greater than 5 per cent of the general investments since 2016.[95] In contrast to typical leveraged buyouts, Slicing Edge was a conventional M&A deal, with the intention of making a income platform. The most recent investments by Blantyre Capital have been the leveraged buyouts of the Spanish catering and residential meals supply
Endnotes
[1] BlackRock Inc., 2024, BlackRock 2023 Annual Report, p. 33.
[2] Carey David & John E. Morris, 2012, King of Capital. The Outstanding Rise, Fall, and Rise Once more of Steve Schwarzman and Blackstone, New York: Forex, p. 59.
[3] Ibid., p. 124.
[4] CNN Cash, “Right here come the IPOs. An onslaught of firm debuts in coming days after week of high-flyers”, September 26, 1999, accessed: 2025-05-28.
[5] Billboard, “Main Wave’s CEO Explains a New $300 Million BlackRock Partnership, Getting Smokey Robinson a Sneaker Deal”, September 26, 2016, accessed: 2025-05-28.
[6] Reuters, “BlackRock to purchase Quellos fund of funds enterprise”, August 9, 2007, accessed: 2025-05-28.
[7] Main Wave press launch, “Simply Introduced: Strategic Partnerships with Brookfield Asset Administration and CAA!“, October 6, 2022, accessed: 2025-05-28.
[8] Selection, “Enrique Iglesias Sells Music Catalog to Affect Media in Reported 9-Determine Deal”, December 6, 2023, accessed: 2025-05-28.
[9] BlackRock press launch, “BlackRock to Purchase HPS Funding Companions to Ship Built-in Options Throughout Public and Non-public Markets”, December 3, 2024, accessed: 2025-05-28.
[10] Carey & Morris, 2012, King of Capital, p. 45.
[11] New York Occasions, “Firm Information; Vivendi Finishes Sale of Houghton Mifflin to Traders”, January 1, 2002, accessed: 2025-05-28.
[12] New York Occasions, “Firm Information; Blackstone Buys Majority Stake in Columbia Home”, Might 14, 2002, accessed: 2025-05-28.
[13] New York Occasions, “Blackstone to Purchase Hilton Resorts for $26 Billion”, July 7, 2007, accessed: 2025-05-28.
[14] New York Occasions, “Blackstone Founders Put together to Rely Their Billions”, June 12, 2007, accessed: 2025-05-28.
[15] Blackstone, 2024, Annual report for the fiscal yr ending December 31, 2023, p. 98.
[16] Billboard, “Was Blackstone’s SESAC Acquisition a $1 Billion Deal?”, January 6, 2017, accessed: 2025-05-28.
[17] Enterprise capital is a type of personal fairness and a kind of financing for startup corporations and small companies with long-term progress potential; see Investopia, “What Is Enterprise Capital? Definition, Professionals, Cons, and How It Works”, October 18, 2024, accessed: 2025-05-28.
[18] Japan Hana Actual Property, “Blackstone Buys $1B Japan Portfolio from PAG”, December 6, 2020, accessed: 2025-05-28.
[19] Blackstone press launch, “HH World Declares Settlement by Blackstone to make a £100m Strategic Minority Fairness Funding”, December 3, 2020, accessed: 2025-05-28.
[20] Pitchbook, “Blackstone Core Fairness Companions”, n.d., accessed: 2025-05-28.
[21] Blackstone Tactical Alternatives Advisors, 2024, Brochure of Blackstone Tactical Alternatives Advisors L.L.C., Kind ADV, Half 2A, submitted to Funding Adviser Public Disclosure (IAPD) of the US Securities and Change Fee (SEC) on March 28, 2024.
[22] Pitchbook, “Blackstone Tactical Alternatives Fund I”, n.d., accessed: 2025-05-28.
[23] Ibid.
[24] Ibid.
[25] Music Enterprise Worldwide, “New Mountain Capital-led group closes acquisition of BMI”, February 8, 2024, accessed: 2025-05-28.
[26] Monetary Occasions, “Dealmaker Steven Klinsky Quietly Hits Residence Runs Away from ’80s Limelight”, June 30, 2024, accessed: 2025-05-28.
[27] AUM 13F, “New Mountain Capital LLC”, n.d., accessed: 2025-05-28.
[28] New York Occasions, “Ex-Drexel Executives Organize Assist for Fruit of the Loom”, August 24, 1990, accessed: 2025-05-28.
[29] Apollo Historical past, “Apollo expands into actual property”, n.d., accessed: 2025-05-28.
[30] Ibid.
[31] New York Occasions, “Mine Firm Sells U.S. Unit”, April 12, 2007, accessed: 2025-05-28.
[32] Reuters, “Apollo chief says bought 9 p.c of agency to Abu Dhabi”, November 8, 2007, accessed: 2025-05-28.
[33] Reuters, “Apollo’s upsized IPO raises $565.4 million”, March 30, 2011, accessed: 2025-05-28.
[34] New York Occasions, “McGraw-Hill to Promote Training Unit to Apollo for $2.5 Billion”, November 26, 2012, accessed: 2025-05-28.
[35] Selection, “twenty first Century Fox and Apollo Seal Deal to Merge Shine, Endemol and Core”, October 10, 2014, accessed: 2025-05-28.
[36] CNET, “Yahoo has a brand new proprietor, once more”, September 1, 2021, accessed: 2025-05-28.
[37] CNBC, “Apollo World to purchase annuities supplier Athene in $11 billion deal”, March 8, 2021, accessed: 2025-05-28.
[38] Music Enterprise Worldwide, “Right here. Come. The. Giants.”, October 7, 2021, accessed: 2025-05-28.
[39] Music Enterprise Worldwide, “HarbourView ups credit score facility capability by $100m to purchase extra music rights”, December 5, 2023, accessed: 2025-05-28.
[40] Music Enterprise Worldwide, “Strap in. Blackstone is able to bid $1.5 billion for Hipgnosis Songs Fund”, April 20, 2024, accessed: 2025-05-28.
[41] Music Enterprise Worldwide, “Apollo leads $700m funding into Sony Music Group partnership. (It’s a sort of magic!)”, July 26, 2024, accessed: 2025-05-28.
[42] Burroughs, Bryan and John Helyar, 1989, Barbarian on the Gates. The Fall of RJR Nabisco, New York: Harper & Row. The screenplay adaptation was written by Larry Gelbart and directed by Glenn Jordan.
[43] New York Occasions, “Safeway Buyout: A Success Story”, October 21, 1988, accessed: 2025-05-28.
[44] New York Occasions, “Kohlberg Kravis Set to Supply $1.2 Billion for Cable Maker”, January 24, 1997, accessed: 2025-05-28.
[45] New York Occasions, “Siemens Unit Is Bought”, October 23, 1999, accessed: 2025-05-28.
[46] New York Occasions, “Three Companies Are Stated to Purchase Toys ‘R’ Us for $6 Billion”, March 17, 2005, accessed: 2025-05-28.
[47] Bloomberg, “Capital Companies Conform to Purchase SunGard Information in Money Deal”, March 29, 2005, accessed: 2025-05-28.
[48] Reuters, “KKR, Texas Pacific-led group to purchase TXU Corp.”, August 9, 2007, accessed: 2025-05-28.
[49] Reuters, “KKR makes first retail real-estate funding”, April 19, 2012, accessed: 2025-05-28.
[50] The Hollywood Reporter, “Non-public Fairness Big KKR Buys Herbert Kloiber’s Tele Munchen Group”, February 21, 2019, accessed: 2025-05-28.
[51] Reuters, “KKR turns into Axel Springer’s greatest shareholder”, August 26, 2019, accessed: 2025-05-28.
[52] CNN Enterprise, “After attempting for 3 years, Paramount lastly unloads Simon & Schuster for $1.6 billion”, August 7, 2023, accessed: 2025-05-28.
[53] Billboard, “EU clears Bertelsmann, KKR music rights JV“, September 9, 2009, accessed: 2025-05-28.
[54] Billboard, “Bertelsmann Buys Out BMG for $390M“, March 1, 2013, accessed: 2025-05-28.
[55] Music Enterprise Worldwide, “KKR buys majority stake in Ryan Tedder catalog, marking funding big’s return to music rights possession“, January 11, 2021, accessed: 2025-05-28.
[56] A distressed debt fund invests in obligations of corporations which have filed for chapter or are very prone to file for chapter within the close to future, which bears a excessive default danger, however with the change of extraordinarily excessive potential returns. See Investopia, “Why Hedge Funds Love Investing in Distressed Debt”, June 16, 2023, accessed: 2025-05-28.
[57] Pitchbook, “KKR Dislocation Alternatives Fund”, n.d., accessed: 2025-05-28.
[58] Music Enterprise Worldwide, “Confirmed: Kobalt sells catalog to new KKR enterprise, Chord, for $1.1 billion”, October 19, 2021, accessed: 2025-05-28.
[59] Music Enterprise Worldwide, “BMG and KKR are able to spend $1bn on music copyrights – and that’s only for starters …“, April 6, 2021, accessed: 2025-05-28.
[60] Music Enterprise Worldwide, “3 observations on… Common Music Group’s $240m wager on Chord Music (and the actual story, Dundee Companions)”, February 20, 2024, accessed: 2025-05-28.
[61] The Carlyle Group Ltd., 2024, Annual report of The Carlyle Group for the fiscal yr ending December 31, 2023, p. 7.
[62] New York Occasions, “Navy Contractor Bought to Buyout Agency”, August 27, 1997, accessed: 2025-05-28.
[63] Los Angeles Occasions, “Qwest to Promote Directories Enterprise for $7 Billion”, August 20, 2002, accessed: 2025-05-28.
[64] New York Occasions, “Ford Completes Sale of Hertz to three Companies”, September 13, 2005, accessed: 2025-05-28.
[65] The MBS Group Information, “Carlyle buys 50% stake in skate model Supreme”, October 9, 2017, accessed: 2025-05-28.
[66] The Wall Road Journal, “Carlyle Costs IPO at Decrease Vary”, Might 2, 2012, accessed: 2025-05-28.
[67] Music Enterprise Worldwide, “Keith City sells recordings catalog to $500m-backed Litmus Music”, December 13, 2022, accessed: 2025-05-28.
[68] Pitchbook, “Carlyle Credit score Alternatives Fund II”, n.d., accessed: 2025-05-28.
[69] Music Enterprise Worldwide, “$500m-backed Litmus Music acquires music rights from Benny Blanco”, June 28, 2023, accessed: 2025-05-28.
[70] Music Enterprise Worldwide, “Katy Perry sells music rights to Litmus Music in $220m+ deal”, September 18, 2023, accessed: 2025-05-28.
[71] Music Enterprise Worldwide, “Litmus Music acquires Opus, proprietor of Juice WRLD and Maluma rights, after extending credit score facility to $400m”, September 4, 2024, accessed: 2025-05-28.
[72] Music Enterprise Worldwide, “Carlyle-backed Litmus Music buys Randy Newman’s publishing, recorded music pursuits”, October 17, 2024, accessed: 2025-05-28.
[73] Worldwide Listing of Firm Histories, 2005, Brascan Company Historical past, vol.67. St. James Press, accessed: 2025-05-28.
[74] The Globe and Mail, “What’s in a reputation? Loads if it’s Brascan”, September 16, 2005, accessed: 2025-05-28.
[75] Reuters, “Brookfield Enterprise Companions to purchase Westinghouse for $4.6 billion”, January 4, 2018, accessed: 2025-05-28.
[76] Reuters, “Brookfield to purchase most of Oaktree to construct juggernaut to rival Blackstone”, March 14, 2019, accessed: 2025-05-28.
[77] Brookfield Asset Administration Ltd., 2024, Annual report of Brookfield Asset Administration for the monetary yr ending December 31, 2023, p. 156.
[78] Brookfield Company press launch, “Brookfield Company Efficiently Completes Distribution of 25% Curiosity in its Asset Administration Enterprise”, December 9, 2022, accessed: 2025-05-28.
[79] Music Enterprise Worldwide, “Main Wave raises $375m funding from Oaktree Capital, sells minority stake“, June 11, 2021, accessed: 2025-05-28.
[80] DWS Group, Geschäftsbericht 2023, p. 6.
[81] Funding Adviser Public Disclosure web site, “DWS Worldwide GmbH”, January 14, 2025, accessed: 2025-05-28.
[82] Music Enterprise Worldwide, “Irving Azoff’s GMR simply struck a $3.3 billion personal fairness deal, say MBW sources”, September 19, 2024, accessed: 2025-05-28.
[83] See Hellman & Friedman, “Portfolio”, n.d., accessed: 2025-05-28.
[84] Pitchbook, “Hellman & Friedman Capital Companions XI”, n.d., accessed: 2025-05-28.
[85] Funding Adviser Public Disclosure web site, “Francisco Companions Administration L.P.”, Might 28, 2024, accessed: 2025-05-28.
[86] Music Enterprise Worldwide, “Kobalt Music Group bought to US-based personal fairness agency Francisco Companions”, September 7, 2022, accessed: 2025-05-28.
[87] New York Occasions, “They’re Only a Bunch of Common Media Moguls”, September 14, 2003, accessed: 2025-05-28.
[88] Funding Adviser Public Disclosure web site, “Windfall Fairness Companions LLC”, July 26, 2024, accessed: 2025-05-28.
[89] Music Enterprise Worldwide, “Confirmed: Warner buys majority stake in Tempo (simply as MBW advised you it could)”, February 6, 2025, accessed: 2025-05-28.
[90] Northleaf Capital Companions, “Historical past & Key Milestones”, n.d., accessed: 2025-05-28.
[91] Ibid.
[92] Music Enterprise Worldwide, “Slicing Edge Group secures $500m to fund music rights acquisitions”, April 15, 2024, accessed: 2025-05-28.
[93] Music Enterprise Worldwide, “One other huge music deal, as Spirit Music Group father or mother strikes $500m alliance with Northleaf Capital Companions”, October 14, 2021, accessed: 2025-05-28.
[94] Music Enterprise Worldwide, “Slicing Edge and Blantyre Capital commit $125m to amass movie and TV music rights”, January 4, 2022, accessed: 2025-05-28.
[95] Blantyre, “Who We Are”, and “Funding Portfolio”, n.d., accessed: 2025-05-28.
* This weblog put up relies on the report IP Finance within the Music Business, which was commissioned by the World Mental Property Rights Group (WIPO).
