Songs by Beyoncé and Aretha Franklin Change Hands in Music Deal
(Bloomberg) -- Concord Music Group is acquiring more than 145,000 music copyrights from Downtown Music Holdings, bringing songs by Beyoncé and Aretha Franklin under the same umbrella as Rodgers & Hammerstein and Kidz Bop.
The deal combines two of the largest independent music catalogs in the world. Concord already represents more than 400,000 songs and has acquired more than a dozen smaller companies over the past decade. Financial terms of the transaction, announced Monday, weren’t disclosed.
The soaring value of music copyrights has brought a flurry of transactions in the past couple of years. Individual artists such as Bob Dylan and Stevie Nicks have cashed in by selling their catalogs, as have midsize music companies.
Downtown will hold on to its businesses that provide services and publishing administration to musicians. The company helps more than 1 million acts with licensing, rights management and distribution services.
“Concord is an excellent home for this extraordinary catalog that we’ve had the unique privilege to build over the past 14 years,” Justin Kalifowitz, Downtown’s founder and chief executive officer, said in a statement. Kalifowitz started Downtown in 2007 as a music-publishing company representing songwriters.
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