Hipgnosis Songs Fund buys into The-Dream
Hipgnosis Songs Fund buys into The-Dream – Hipgnosis Songs Fund Limited has reached agreement to acquire its first music catalogue from Terius Youngdell Nash, better known by his stage name The-Dream.
Hipgnosis Songs will acquire a 75% interest in the catalogue for up to US$23.75m. The remaining 25% interest in the catalogue will be retained by The-Dream.
The catalogue, which is one of the eight pipeline catalogues flagged in the prospectus, comprises 302 songs in total, including 25 Billboard top 10 songs, 4 Grammy Award winning songs and songs performed by global recording artists including Justin Bieber, Beyoncé, Rihanna and Jay-Z. Songs include the Number 1 singles: “Umbrella“, which was number 1 in more than 20 countries; “Single Ladies (Put a Ring on It)”, the 2010 Grammy Award Song of the Year; “Baby” which is the most certified song of all time; and the multi-platinum “Touch My Body” by Mariah Carey.
Merck Mercuriadis, Founder of The Family (Music) Limited (the investment adviser) and Hipgnosis Songs Fund Limited, said: “‘It’s critical for us to set the highest standards with our first acquisition. The-Dream is not only arguably the culturally most important songwriter of his generation but he has written the marquee songs for the culturally most significant artists of our time including Beyoncé, Rihanna, Justin Bieber, Jay Z and Kanye West. It’s an honour for this to not only be our first order of business but also to welcome Dream to our Advisory Board. He is a catalyst on so many levels and a big part of our future.”
The-Dream, said: “I’m proud to be part of this beautiful venture. Merck is a music titan who began his career well before I ever imagined having one. His futuristic views captured my attention and instantly made an impact. Merck sees me as I see myself. I sought out to be my generation’s Babyface and Dr. Dre, he sees the same. In making this decision I said to Merck “I need a Jimmy Iovine in my life”, not just to nurture my songs but to also help solidify the legacy I seek for myself and my songs even after I’m gone, for my Children and beyond. His reply was simply “I Got it!”, and after came action like the one you see playing out today in real time. So here we are one step in the face of the endless future.”
Andrew Sutch, chairman of Hipgnosis Songs Fund Limited, said: “I am delighted that the company has secured its maiden catalogue acquisition. This acquisition highlights the investment adviser’s ability to identify and acquire attractive catalogues in line with our investment objective and policy and will support the company’s first year income targets.”
SONG : Hipgnosis Songs Fund buys into The-Dream